10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: June 30, 2023

or 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from_____________________________to_____________________________

Commission File Number: 001-33067

SELECTIVE INSURANCE GROUP, INC.

(Exact Name of Registrant as Specified in Its Charter)

New Jersey	22-2168890
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

40 Wantage Avenue, Branchville, New Jersey 07890

(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: (973) 948-3000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol (s)	Name of each exchange on which registered
Common Stock, par value $2 per share	SIGI	The Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 4.60% Non-Cumulative Preferred Stock, Series B, without par value	SIGIP	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐	Emerging growth company	☐
Non-accelerated filer	☐	Smaller reporting company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 31, 2023, there were 60,566,856 shares of common stock, par value $2.00 per share, outstanding. 

	SELECTIVE INSURANCE GROUP, INC.
	Table of Contents
		Page No.
PART I.   FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Balance Sheets as of June 30, 2023 (Unaudited) and December 31, 2022	1
	Unaudited Consolidated Statements of Income for the Quarter and Six Months Ended June 30, 2023 and 2022	2
	Unaudited Consolidated Statements of Comprehensive Income for the Quarter and Six Months Ended June 30, 2023 and 2022	3
	Unaudited Consolidated Statements of Stockholders' Equity for the Quarter and Six Months Ended June 30, 2023 and 2022	4
	Unaudited Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2023 and 2022	5
	Notes to Unaudited Interim Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations
	Forward-Looking Statements	22
	Introduction	22
	Critical Accounting Policies and Estimates	23
	Financial Highlights of Results for Second Quarter and Six Months 2023 and 2022	24
	Results of Operations and Related Information by Segment	27
	Federal Income Taxes	37
	Liquidity and Capital Resources	37
	Ratings	41
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	41
Item 4.	Controls and Procedures	41
PART II.  OTHER INFORMATION
Item 1.	Legal Proceedings	41
Item 1A.	Risk Factors	41
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	42
Item 3.	Defaults Upon Senior Securities	42
Item 4.	Mine Safety Disclosures	42
Item 5.	Other Information	42
Item 6.	Exhibits	42
Signatures		43

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

SELECTIVE INSURANCE GROUP, INC. CONSOLIDATED BALANCE SHEETS	Unaudited
($ in thousands, except share amounts)	June 30, 2023		December 31, 2022
ASSETS
Investments:
Fixed income securities, held-to-maturity – at carrying value (fair value: $22,356 – 2023; $29,837 – 2022)	$	23,676	31,157
Less: allowance for credit losses	—		—
Fixed income securities, held-to-maturity, net of allowance for credit losses	23,676		31,157
Fixed income securities, available-for-sale – at fair value (allowance for credit losses: $31,425 – 2023 and $45,721 – 2022; amortized cost: $7,564,942 – 2023 and $7,185,754 – 2022)	7,032,348		6,612,107
Commercial mortgage loans – at carrying value (fair value: $163,068 – 2023 and $139,243 – 2022)	175,538		149,305
Less: allowance for credit losses	(177)		(116)
Commercial mortgage loans, net of allowance for credit losses	175,361		149,189
Equity securities – at fair value (cost:  $118,898 – 2023; $167,431 – 2022)	121,640		162,000
Short-term investments	319,456		440,456
Alternative investments	389,173		371,316
Other investments	71,545		71,244
Total investments (Note 4 and 5)	$	8,133,199	7,837,469
Cash	354		26
Restricted cash	20,904		25,183
Accrued investment income	59,441		59,167
Premiums receivable	1,304,394		1,101,787
Less: allowance for credit losses (Note 6)	(17,900)		(16,100)
Premiums receivable, net of allowance for credit losses	1,286,494		1,085,687
Reinsurance recoverable	648,591		784,410
Less: allowance for credit losses (Note 7)	(1,800)		(1,600)
Reinsurance recoverable, net of allowance for credit losses	646,791		782,810
Prepaid reinsurance premiums	190,425		172,371
Current federal income tax	—		3,545
Deferred federal income tax	171,915		172,733
Property and equipment – at cost, net of accumulated depreciation and amortization of: $262,013 – 2023; $251,209 – 2022	81,255		84,306
Deferred policy acquisition costs	413,813		368,624
Goodwill	7,849		7,849
Other assets	204,800		202,491
Total assets	$	11,217,240	10,802,261
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Reserve for loss and loss expense (Note 8)	$	5,177,023	5,144,821
Unearned premiums	2,251,024		1,992,781
Long-term debt	503,622		504,676
Current federal income tax	2,555		—
Accrued salaries and benefits	91,993		115,185
Other liabilities	519,631		517,234
Total liabilities	$	8,545,848	8,274,697
Stockholders’ Equity:
Preferred stock of $0 par value per share:	$	200,000	200,000
Authorized shares: 5,000,000; Issued shares: 8,000 with $25,000 liquidation preference per share – 2023 and 2022
Common stock of $2 par value per share:
Authorized shares 360,000,000
Issued: 105,148,165 – 2023; 104,847,111 – 2022	210,296		209,694
Additional paid-in capital	512,040		493,488
Retained earnings	2,859,569		2,749,703
Accumulated other comprehensive income (loss) (Note 11)	(475,722)		(498,042)
Treasury stock – at cost (shares:  44,582,682 – 2023; 44,508,211 – 2022)	(634,791)		(627,279)
Total stockholders’ equity	$	2,671,392	2,527,564
Commitments and contingencies
Total liabilities and stockholders’ equity	$	11,217,240	10,802,261

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

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SELECTIVE INSURANCE GROUP, INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME	Quarter ended June 30,			Six Months ended June 30,
($ in thousands, except per share amounts)	2023		2022	2023		2022
Revenues:
Net premiums earned	$	942,150	834,439	$	1,844,486	1,646,722
Net investment income earned	97,696		70,222	189,202		142,824
Net realized and unrealized investment gains (losses)	(5,426)		(42,880)	(2,082)		(83,232)
Other income	6,104		3,037	8,738		4,566
Total revenues	1,040,524		864,818	2,040,344		1,710,880
Expenses:
Loss and loss expense incurred	646,130		524,868	1,213,568		1,019,104
Amortization of deferred policy acquisition costs	194,793		173,381	384,554		343,138
Other insurance expenses	108,857		101,514	217,445		195,504
Interest expense	7,258		7,252	14,424		14,420
Corporate expenses	9,329		7,899	21,437		18,920
Total expenses	966,367		814,914	1,851,428		1,591,086
Income before federal income tax	74,157		49,904	188,916		119,794
Federal income tax expense:
Current	17,366		9,692	42,871		26,870
Deferred	(1,817)		692	(5,137)		(2,926)
Total federal income tax expense	15,549		10,384	37,734		23,944
Net income	$	58,608	39,520	$	151,182	95,850
Preferred stock dividends	2,300		2,300	4,600		4,600
Net income available to common stockholders	$	56,308	37,220	$	146,582	91,250
Earnings per common share:
Net income available to common stockholders - Basic	$	0.93	0.62	$	2.42	1.51
Net income available to common stockholders - Diluted	$	0.92	0.61	$	2.41	1.50

    

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

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SELECTIVE INSURANCE GROUP, INC. UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2023		2022	2023		2022
Net income	$	58,608	39,520	$	151,182	95,850
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) arising during period	(47,937)		(176,093)	4,142		(382,941)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(4,764)		(57,427)	12,957		(125,857)
Amounts reclassified into net income:
Held-to-maturity securities	—		—	—		1
Net realized (gains) losses on disposals and losses on intent-to-sell available-for-sale securities	7,413		14,354	12,235		26,987
Credit loss (benefit) expense	(683)		12,261	(8,210)		29,682
Total unrealized gains (losses) on investment securities	(45,971)		(206,905)	21,124		(452,128)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial loss	598		330	1,196		659
Total defined benefit pension and post-retirement plans	598		330	1,196		659
Other comprehensive income (loss)	(45,373)		(206,575)	22,320		(451,469)
Comprehensive income (loss)	$	13,235	(167,055)	$	173,502	(355,619)

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

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SELECTIVE INSURANCE GROUP, INC. UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY	Quarter ended June 30,			Six Months ended June 30,
($ in thousands, except share and per share amounts)	2023		2022	2023		2022
Preferred stock:
Beginning of period	$	200,000	200,000	$	200,000	200,000
Issuance of preferred stock	—		—	—		—
End of period	200,000		200,000	200,000		200,000
Common stock:
Beginning of period	210,149		209,336	209,694		208,902
Dividend reinvestment plan	10		12	19		23
Stock purchase and compensation plans	137		158	583		581
End of period	210,296		209,506	210,296		209,506
Additional paid-in capital:
Beginning of period	502,713		472,790	493,488		464,347
Dividend reinvestment plan	449		444	908		887
Stock purchase and compensation plans	8,878		8,146	17,644		16,146
End of period	512,040		481,380	512,040		481,380
Retained earnings:
Beginning of period	2,821,613		2,640,437	2,749,703		2,603,472
Net income	58,608		39,520	151,182		95,850
Dividends to preferred stockholders	(2,300)		(2,300)	(4,600)		(4,600)
Dividends to common stockholders	(18,352)		(17,073)	(36,716)		(34,138)
End of period	2,859,569		2,660,584	2,859,569		2,660,584
Accumulated other comprehensive income (loss):
Beginning of period	(430,349)		(129,795)	(498,042)		115,099
Other comprehensive income (loss)	(45,373)		(206,575)	22,320		(451,469)
End of period	(475,722)		(336,370)	(475,722)		(336,370)
Treasury stock:
Beginning of period	(634,722)		(614,527)	(627,279)		(608,935)
Acquisition of treasury stock - share repurchase authorization	—		(6,416)	—		(6,492)
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans	(69)		(67)	(7,512)		(5,583)
End of period	(634,791)		(621,010)	(634,791)		(621,010)
Total stockholders’ equity	$	2,671,392	2,594,090	$	2,671,392	2,594,090
Dividends declared per preferred share	$	287.50	287.50	$	575.00	575.00
Dividends declared per common share	$	0.30	0.28	$	0.60	0.56
Preferred stock, shares outstanding:
Beginning of period	8,000		8,000	8,000		8,000
Issuance of preferred stock	—		—	—		—
End of period	8,000		8,000	8,000		8,000
Common stock, shares outstanding:
Beginning of period	60,492,586		60,335,472	60,338,900		60,184,382
Dividend reinvestment plan	4,665		5,864	9,315		11,505
Stock purchase and compensation plan	68,923		72,245	291,739		290,687
Acquisition of treasury stock - share repurchase authorization	—		(85,059)	—		(86,059)
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans	(691)		(788)	(74,471)		(72,781)
End of period	60,565,483		60,327,734	60,565,483		60,327,734

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

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SELECTIVE INSURANCE GROUP, INC. UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS	Six Months ended June 30,
($ in thousands)	2023		2022
Operating Activities
Net income	$	151,182	95,850
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	17,179		21,998
Stock-based compensation expense	12,886		11,886
Undistributed gains of equity method investments	(13,478)		(12,890)
Distributions in excess of current year income of equity method investments	6,698		20,252
Net realized and unrealized losses	2,082		83,232
Loss (gain) on disposal of fixed assets	5		(1)
Changes in assets and liabilities:
Increase in reserve for loss and loss expense, net of reinsurance recoverable	168,221		169,114
Increase in unearned premiums, net of prepaid reinsurance	240,189		173,817
Decrease (increase) in net federal income taxes	1,006		(17,665)
Increase in premiums receivable	(200,807)		(172,231)
Increase in deferred policy acquisition costs	(45,189)		(32,464)
Increase in accrued investment income	(264)		(2,116)
Decrease in accrued salaries and benefits	(23,192)		(18,530)
Increase in other assets	(4,667)		(25,598)
Decrease in other liabilities	(18,205)		(51,171)
Net cash provided by (used in) operating activities	293,646		243,483
Investing Activities
Purchases of fixed income securities, held-to-maturity	—		(5,000)
Purchases of fixed income securities, available-for-sale	(1,562,206)		(1,478,298)
Purchases of commercial mortgage loans	(27,201)		(48,926)
Purchases of equity securities	(8,373)		(18,209)
Purchases of alternative investments and other investments	(21,161)		(32,179)
Purchases of short-term investments	(2,422,123)		(2,041,614)
Sales of fixed income securities, available-for-sale	959,248		705,039
Proceeds from commercial mortgage loans	968		7,504
Sales of short-term investments	2,543,683		2,200,624
Redemption and maturities of fixed income securities, held-to-maturity	7,481		1,684
Redemption and maturities of fixed income securities, available-for-sale	227,884		392,648
Sales of equity securities	51,763		85,162
Sales of other investments	892		2,156
Distributions from alternative investments and other investments	5,130		9,013
Purchases of property and equipment	(9,549)		(14,101)
Net cash provided by (used in) investing activities	(253,564)		(234,497)
Financing Activities
Dividends to preferred stockholders	(4,600)		(4,600)
Dividends to common stockholders	(35,385)		(32,886)
Acquisition of treasury stock	(7,512)		(12,075)
Net proceeds from stock purchase and compensation plans	4,695		4,280
Proceeds from borrowings	20,000		35,000
Repayments of borrowings	(20,000)		(35,000)
Repayments of finance lease obligations	(1,231)		(1,202)
Net cash provided by (used in) financing activities	(44,033)		(46,483)
Net decrease in cash and restricted cash	(3,951)		(37,497)
Cash and restricted cash, beginning of period	25,209		45,063
Cash and restricted cash, end of period	$	21,258	7,566

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

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NOTES TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. Basis of Presentation

The words "Company,” “we,” “us,” or “our” refer to Selective Insurance Group, Inc. (the "Parent") and its subsidiaries, except as expressly indicated or the context requires otherwise. We have prepared our interim unaudited consolidated financial statements (“Financial Statements”) in conformity with (i) United States ("U.S.") generally accepted accounting principles (“GAAP”), and (ii) the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. These require management to make estimates and assumptions that affect the reported financial statement balances and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. All significant intercompany accounts and transactions are eliminated in consolidation.

Our Financial Statements reflect all adjustments that, in our opinion, are normal, recurring, and necessary for a fair presentation of our results of operations and financial condition. Our Financial Statements cover the second quarters ended June 30, 2023 (“Second Quarter 2023”) and June 30, 2022 (“Second Quarter 2022”), and the six-month periods ended June 30, 2023 ("Six Months 2023") and June 30, 2022 ("Six Months 2022"). Our Financial Statements do not include all information and disclosures required by GAAP and the SEC for audited annual financial statements. Because interim period results of operations are not necessarily indicative of full-year results, our Financial Statements should be read in conjunction with the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2022 (“2022 Annual Report”) filed with the SEC.

NOTE 2. Adoption of Accounting Pronouncements 

In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the market transition away from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. Companies can elect to adopt ASU 2020-04 as of the beginning of the interim period that includes March 2020, or any date thereafter through December 31, 2024, as permitted by the newly issued ASU 2022-06, Reference Rate Reform (Topic 848) — Deferral of the Sunset Date of Topic 848. We adopted this guidance in the first quarter of 2023. We are not required to measure the effect of adoption on our financial position, cash flows, or net income because the guidance provides relief from accounting for the effects of the change to a replacement rate.

Pronouncements to be effective in the future

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies that a contractual sales restriction on an equity security is not considered when determining the security's fair value. This ASU was issued to eliminate diversity in practice by clarifying that contractual arrangements restricting an entity's ability to sell the security for a certain period of time is a characteristic of the reporting entity and should not be contemplated when determining the security's fair value. ASU 2022-03 requires new disclosures that provide investors with information about the restriction, including the nature and remaining duration of the restriction. The ASU is effective for annual periods beginning after December 15, 2023, including interim periods within those annual periods. Early adoption is permitted. We are currently evaluating the impact of this guidance.

In March 2023, the FASB issued ASU 2023-02, Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method ("ASU 2023-02"). This ASU allows companies to elect to account for qualifying tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. Companies were previously permitted to apply the proportional amortization method only to qualifying tax equity investments in low-income-housing tax credit structures. ASU 2023-02 extends the application of the proportional amortization method to qualifying tax equity investments that generate tax credits through other programs. It also requires new disclosures that provide a better understanding of the nature of the tax equity investments and the effect the tax equity investments and related income tax credits and other income tax benefits have on a company's financial position and results of operations. The ASU is effective for annual periods beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted in any interim period. We are currently evaluating the impact of this guidance.

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NOTE 3. Statements of Cash Flows

Supplemental cash flow information was as follows:

	Six Months ended June 30,
($ in thousands)	2023		2022
Cash paid (received) during the period for:
Interest	$	14,164	14,240
Federal income tax	34,000		40,200
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	4,038		4,086
Operating cash flows from financing leases	20		20
Financing cash flows from finance leases	1,231		1,202
Non-cash items:
Corporate actions related to fixed income securities, available-for-sale ("AFS")1	23,150		17,287
Conversion of AFS fixed income securities to equity securities	—		1,463
Assets acquired under finance lease arrangements	—		41
Assets acquired under operating lease arrangements	4,509		5,781
Non-cash purchase of property and equipment	—		17

1Examples of corporate actions include like-kind exchanges, non-cash acquisitions, and stock splits.

The following table provides a reconciliation of cash and restricted cash reported within the Consolidated Balance Sheets that equate to the amount reported in the Consolidated Statements of Cash Flows:

($ in thousands)	June 30, 2023		December 31, 2022
Cash	$	354	26
Restricted cash	20,904		25,183
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows	$	21,258	25,209

Amounts in restricted cash represent cash received from the National Flood Insurance Program ("NFIP") that can only be used to pay flood claims under the Write Your Own program.

NOTE 4. Investments

(a) Information regarding our AFS securities as of June 30, 2023 and December 31, 2022, were as follows:

June 30, 2023	Cost/ Amortized Cost		Allowance for Credit Losses	Unrealized Gains	Unrealized Losses	Fair Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies	$	313,965	—	—	(20,943)	293,022
Foreign government	11,171		(34)	—	(1,318)	9,819
Obligations of states and political subdivisions	694,734		(769)	1,607	(37,544)	658,028
Corporate securities	2,585,819		(16,149)	4,964	(189,664)	2,384,970
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS")	1,739,788		(2,915)	3,353	(105,957)	1,634,269
Residential mortgage-backed securities ("RMBS")	1,520,170		(11,550)	1,024	(101,809)	1,407,835
Commercial mortgage-backed securities ("CMBS")	699,295		(8)	162	(55,044)	644,405
Total AFS fixed income securities	$	7,564,942	(31,425)	11,110	(512,279)	7,032,348

December 31, 2022	Cost/ Amortized Cost		Allowance for Credit Losses	Unrealized Gains	Unrealized Losses	Fair Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies	$	209,528	—	37	(20,326)	189,239
Foreign government	11,199		(284)	—	(1,307)	9,608
Obligations of states and political subdivisions	965,231		(1,024)	1,812	(48,001)	918,018
Corporate securities	2,558,655		(30,330)	3,509	(196,809)	2,335,025
CLO and other ABS	1,607,660		(2,375)	2,408	(121,720)	1,485,973
RMBS	1,169,546		(11,597)	1,148	(99,265)	1,059,832
CMBS	663,935		(111)	348	(49,760)	614,412
Total AFS fixed income securities	$	7,185,754	(45,721)	9,262	(537,188)	6,612,107

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The following tables provide a roll forward of the allowance for credit losses on our AFS fixed income securities for the indicated periods:

Quarter ended June 30, 2023	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	36	—	—	(2)	—	—	34
Obligations of states and political subdivisions	737		67	—	(35)	—	—	769
Corporate securities	16,756		1,438	—	(1,070)	(939)	(36)	16,149
CLO and other ABS	3,895		622	—	(1,595)	(7)	—	2,915
RMBS	11,740		1	—	(50)	(141)	—	11,550
CMBS	390		—	—	(240)	(142)	—	8
Total AFS fixed income securities	$	33,554	2,128	—	(2,992)	(1,229)	(36)	31,425

Quarter ended June 30, 2022	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	150	117	—	12	(14)	—	265
Obligations of states and political subdivisions	1,991		534	—	(1,166)	(153)	—	1,206
Corporate securities	23,066		8,323	—	5,732	(1,944)	(105)	35,072
CLO and other ABS	2,283		530	—	819	(9)	—	3,623
RMBS	10,029		173	—	507	(93)	—	10,616
CMBS	80		—	—	(62)	—	—	18
Total AFS fixed income securities	$	37,599	9,677	—	5,842	(2,213)	(105)	50,800

Six Months ended June 30, 2023	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	284	—	—	(250)	—	—	34
Obligations of states and political subdivisions	1,024		67	—	(239)	(83)	—	769
Corporate securities	30,330		4,141	—	(14,884)	(3,387)	(51)	16,149
CLO and other ABS	2,375		677	—	(127)	(10)	—	2,915
RMBS	11,597		8	—	174	(229)	—	11,550
CMBS	111		1	—	39	(143)	—	8
Total AFS fixed income securities	$	45,721	4,894	—	(15,287)	(3,852)	(51)	31,425

Six Months ended June 30, 2022	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	46	236	—	(3)	(14)	—	265
Obligations of states and political subdivisions	137		1,237	—	(4)	(164)	—	1,206
Corporate securities	6,682		28,243	—	4,542	(3,191)	(1,204)	35,072
CLO and other ABS	939		2,058	—	637	(11)	—	3,623
RMBS	1,909		174	8,318	443	(228)	—	10,616
CMBS	11		17	—	(10)	—	—	18
Total AFS fixed income securities	$	9,724	31,965	8,318	5,605	(3,608)	(1,204)	50,800

During Six Months 2023 and Six Months 2022, we had no write-offs or recoveries of our AFS fixed income securities.

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For information on our methodology and significant inputs used to measure expected credit losses, our accounting policy for recognizing write-offs of uncollectible amounts, and our treatment of accrued interest, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2022 Annual Report. Accrued interest on AFS securities was $58.1 million as of June 30, 2023, and $56.4 million as of December 31, 2022. We did not record any (i) write-offs of accrued interest during Six Months 2023, or (ii) material write-offs of accrued interest in Six Months 2022.

(b) Quantitative information about unrealized losses on our AFS portfolio follows:

June 30, 2023	Less than 12 months			12 months or longer		Total
($ in thousands)	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
AFS fixed income securities:
U.S. government and government agencies	$	208,153	(2,831)	84,869	(18,112)	293,022	(20,943)
Foreign government	4,380		(247)	5,439	(1,071)	9,819	(1,318)
Obligations of states and political subdivisions	337,606		(5,554)	229,922	(31,990)	567,528	(37,544)
Corporate securities	1,101,756		(40,711)	895,497	(148,953)	1,997,253	(189,664)
CLO and other ABS	523,727		(17,268)	924,490	(88,689)	1,448,217	(105,957)
RMBS	792,885		(26,269)	538,073	(75,540)	1,330,958	(101,809)
CMBS	291,078		(12,882)	344,647	(42,162)	635,725	(55,044)
Total AFS fixed income securities	$	3,259,585	(105,762)	3,022,937	(406,517)	6,282,522	(512,279)

December 31, 2022	Less than 12 months			12 months or longer		Total
($ in thousands)	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
AFS fixed income securities:
U.S. government and government agencies	$	166,975	(13,658)	16,011	(6,668)	182,986	(20,326)
Foreign government	5,573		(608)	2,456	(699)	8,029	(1,307)
Obligations of states and political subdivisions	681,795		(43,767)	16,618	(4,234)	698,413	(48,001)
Corporate securities	1,889,492		(164,197)	133,223	(32,612)	2,022,715	(196,809)
CLO and other ABS	916,423		(69,155)	411,283	(52,565)	1,327,706	(121,720)
RMBS	887,229		(76,432)	108,041	(22,833)	995,270	(99,265)
CMBS	512,953		(37,815)	77,181	(11,945)	590,134	(49,760)
Total AFS fixed income securities	$	5,060,440	(405,632)	764,813	(131,556)	5,825,253	(537,188)

We currently do not intend to sell any of the securities summarized in the tables above, nor do we believe we will be required to sell any of them. The decrease in gross unrealized losses as of June 30, 2023, compared to December 31, 2022, was primarily driven by a tightening of credit spreads, partially offset by an increase in benchmark U.S. Treasury rates. Considering these factors and our review of these securities under our credit loss policy as described in Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2022 Annual Report, we have concluded that no additional allowance for credit loss is required on these balances beyond the allowance for credit loss recorded as of June 30, 2023. This conclusion reflects our current judgment about the financial position and future prospects of the entities that issued the investment security and underlying collateral.

(c) AFS and held-to-maturity ("HTM") fixed income securities at June 30, 2023, by contractual maturity are shown below. The maturities of RMBS, CMBS, CLO and other ABS securities were calculated using each security's estimated average life. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	AFS		HTM
($ in thousands)	Fair Value		Carrying Value	Fair Value
Due in one year or less	$	369,240	443	442
Due after one year through five years	3,056,529		13,942	13,233
Due after five years through 10 years	2,912,169		9,291	8,681
Due after 10 years	694,410		—	—
Total fixed income securities	$	7,032,348	23,676	22,356

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(d) The following table summarizes our alternative investment portfolio by strategy:

	June 30, 2023				December 31, 2022
($ in thousands)	Carrying Value		Remaining Commitment	Maximum Exposure to Loss	Carrying Value	Remaining Commitment	Maximum Exposure to Loss
Alternative Investments
Private equity	$	298,219	124,213	422,432	280,980	134,676	415,656
Private credit	52,379		138,691	191,070	54,866	89,481	144,347
Real assets	38,575		19,553	58,128	35,470	21,945	57,415
Total alternative investments	$	389,173	282,457	671,630	371,316	246,102	617,418

We are contractually committed to make additional investments up to the remaining commitments stated above. We did not provide any non-contractual financial support during 2023 or 2022.

The following table shows gross summarized financial information for our alternative investments portfolio, including the portion we do not own. As the majority of these investments report results to us on a one quarter lag, the summarized financial statement information is for the 3- and 6-month periods ended March 31:

Income Statement Information	Quarter ended June 30,			Six Months ended June 30,
($ in millions)	2023		2022	2023		2022
Net investment income (loss)	$	(70.6)	270.9	$	(141.3)	406.5
Realized gains	922.0		6,233.5	2,644.3		8,981.5
Net change in unrealized appreciation (depreciation)	3,754.0		(3,962.4)	5,197.8		1,215.9
Net income	$	4,605.4	2,542.0	$	7,700.8	10,603.9
Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income	$	11.4	9.3	$	19.2	28.4

(e) We have pledged certain AFS fixed income securities as collateral related to our borrowing relationships with the Federal Home Loan Bank of Indianapolis ("FHLBI") and the Federal Home Loan Bank of New York ("FHLBNY"). In addition, we had certain securities on deposit with various state and regulatory agencies at June 30, 2023 to comply with insurance laws. We retain all rights regarding all securities pledged as collateral.

The following table summarizes the market value of these securities at June 30, 2023:

($ in millions)	FHLBI Collateral		FHLBNY Collateral	State and Regulatory Deposits	Total
U.S. government and government agencies	$	—	—	19.4	19.4
Obligations of states and political subdivisions	—		—	3.5	3.5
RMBS	62.1		26.9	—	89.0
CMBS	2.9		8.7	—	11.6
Total pledged as collateral	$	65.0	35.6	22.9	123.5

(f) We did not have exposure to any credit concentration risk of a single issuer greater than 10% of our stockholders' equity, other than to certain U.S. government agencies, as of June 30, 2023, or December 31, 2022.

(g) The components of pre-tax net investment income earned were as follows:

	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2023		2022	2023		2022
Fixed income securities	$	83,916	62,144	$	164,003	116,069
Commercial mortgage loans ("CMLs")	2,199		1,192	4,164		2,162
Equity securities	2,236		2,639	3,441		5,057
Short-term investments	2,892		407	7,542		508
Alternative investments	11,396		9,274	19,164		28,402
Other investments	188		(214)	231		(37)
Investment expenses	(5,131)		(5,220)	(9,343)		(9,337)
Net investment income earned	$	97,696	70,222	$	189,202	142,824

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(h) The following table summarizes net realized and unrealized investment gains and losses for the periods indicated:

	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2023		2022	2023		2022
Gross gains on sales	$	1,156	14,552	$	4,940	16,749
Gross losses on sales	(11,952)		(19,345)	(24,882)		(32,905)
Net realized gains (losses) on disposals	(10,796)		(4,793)	(19,942)		(16,156)
Net unrealized gains (losses) on equity securities	4,925		(21,860)	8,173		(24,014)
Net credit loss benefit (expense) on fixed income securities, AFS	864		(15,519)	10,393		(37,571)
Net credit loss benefit (expense) on fixed income securities, HTM	—		(6)	—		8
Net credit loss (expense) on CMLs	(78)		—	(61)		—
Losses on securities for which we have the intent to sell	(341)		(702)	(645)		(5,499)
Net realized and unrealized investment gains (losses)	$	(5,426)	(42,880)	$	(2,082)	(83,232)

Net realized and unrealized investment losses decreased $37.5 million in Second Quarter 2023 and $81.2 million in Six Months 2023 compared to the same prior-year periods, primarily due to (i) a credit loss benefit recorded on our AFS fixed income securities portfolio in both current-year periods compared to credit loss expense recorded in both prior-year periods, and (ii) an increase in valuations reflecting the current public equities market. The credit loss benefit in both current-year periods reflected the tightening of credit spreads, partially offset by rising benchmark U.S. Treasury rates.

Net unrealized gains and losses recognized in income on equity securities, as reflected in the table above, included the following:

	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2023		2022	2023		2022
Unrealized gains (losses) recognized in income on equity securities:
On securities remaining in our portfolio at end of period	$	2,784	(13,031)	$	2,685	(14,843)
On securities sold in period	2,141		(8,829)	5,488		(9,171)
Total unrealized gains (losses) recognized in income on equity securities	$	4,925	(21,860)	$	8,173	(24,014)

NOTE 5. Fair Value Measurements

The financial assets in our investment portfolio are primarily measured at fair value as disclosed on the Consolidated Balance Sheets. The following table presents the carrying amounts and fair values of our financial liabilities as of June 30, 2023, and December 31, 2022:

	June 30, 2023			December 31, 2022
($ in thousands)	Carrying Amount		Fair Value	Carrying Amount	Fair Value
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	49,924	52,312	49,921	51,705
6.70% Senior Notes	99,553		102,386	99,542	99,264
5.375% Senior Notes	294,472		275,149	294,424	258,459
3.03% borrowings from FHLBI	60,000		57,011	60,000	57,175
Subtotal long-term debt	503,949		486,858	503,887	466,603
Unamortized debt issuance costs	(2,814)			(2,929)
Finance lease obligations	2,487			3,718
Total long-term debt	$	503,622		504,676

For discussion regarding the fair value techniques of our financial instruments, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2022 Annual Report.

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The following tables provide quantitative disclosures of our financial assets that were measured and recorded at fair value at June 30, 2023, and December 31, 2022:

June 30, 2023			Fair Value Measurements Using
($ in thousands)	Assets  Measured at  Fair Value		Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1)	Significant Other  Observable Inputs  (Level 2)	Significant Unobservable  Inputs  (Level 3)
Description
Measured on a recurring basis:
AFS fixed income securities:
U.S. government and government agencies	$	293,022	145,044	147,978	—
Foreign government	9,819		—	9,819	—
Obligations of states and political subdivisions	658,028		—	651,312	6,716
Corporate securities	2,384,970		—	2,139,481	245,489
CLO and other ABS	1,634,269		—	1,432,343	201,926
RMBS	1,407,835		—	1,407,835	—
CMBS	644,405		—	644,028	377
Total AFS fixed income securities	7,032,348		145,044	6,432,796	454,508
Equity securities:
Common stock1	119,867		21,304	—	662
Preferred stock	1,773		1,773	—	—
Total equity securities	121,640		23,077	—	662
Short-term investments	319,456		315,574	3,882	—
Total assets measured at fair value	$	7,473,444	483,695	6,436,678	455,170

December 31, 2022			Fair Value Measurements Using
($ in thousands)	Assets  Measured at  Fair Value		Quoted Prices in  Active Markets for Identical Assets/Liabilities (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs  (Level 3)
Description
Measured on a recurring basis:
AFS fixed income securities:
U.S. government and government agencies	$	189,239	109,240	79,999	—
Foreign government	9,608		—	9,608	—
Obligations of states and political subdivisions	918,018		—	911,357	6,661
Corporate securities	2,335,025		—	2,147,045	187,980
CLO and other ABS	1,485,973		—	1,332,631	153,342
RMBS	1,059,832		—	1,059,832	—
CMBS	614,412		—	614,037	375
Total AFS fixed income securities	6,612,107		109,240	6,154,509	348,358
Equity securities:
Common stock1	160,355		55,846	—	897
Preferred stock	1,645		1,645	—	—
Total equity securities	162,000		57,491	—	897
Short-term investments	440,456		418,199	22,257	—
Total assets measured at fair value	$	7,214,563	584,930	6,176,766	349,255

1Investments amounting to $97.9 million at June 30, 2023, and $103.6 million at December 31, 2022, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are not redeemable and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value.

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The following tables provide a summary of Level 3 changes in Six Months 2023 and Six Months 2022:

June 30, 2023
($ in thousands)	Obligations of States and Political Subdivisions		Corporate Securities	CLO and Other ABS	CMBS	Common Stock	Total
Fair value, December 31, 2022	$	6,661	187,980	153,342	375	897	349,255
Total net gains (losses) for the period included in:
Other comprehensive income (loss) ("OCI")	(7)		1,857	(1,168)	64	—	746
Net realized and unrealized gains (losses)	62		251	17	—	(235)	95
Net investment income earned	—		112	(20)	(263)	—	(171)
Purchases	—		58,586	39,713	—	—	98,299
Sales	—		—	—	—	—	—
Issuances	—		—	—	—	—	—
Settlements	—		(5,535)	(3,153)	(21)	—	(8,709)
Transfers into Level 3	—		2,238	14,148	2,848	—	19,234
Transfers out of Level 3	—		—	(953)	(2,626)	—	(3,579)
Fair value, June 30, 2023	$	6,716	245,489	201,926	377	662	455,170
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	62		251	17	—	(235)	95
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	(7)		1,846	(1,168)	64	—	735

June 30, 2022
($ in thousands)	Obligation of state and Political Subdivisions		Corporate Securities	CLO and Other ABS	RMBS	CMBS	Total
Fair value, December 31, 2021	$	7,745	114,127	124,909	245	4,256	251,282
Total net gains (losses) for the period included in:
OCI	(581)		(16,422)	(8,592)	(17)	(446)	(26,058)
Net realized and unrealized gains (losses)	(156)		(2,047)	(777)	—	(7)	(2,987)
Net investment income earned	—		14	68	—	47	129
Purchases	—		55,343	39,133	—	—	94,476
Sales	—		—	—	—	—	—
Issuances	—		—	—	—	—	—
Settlements	—		(3,903)	(6,479)	(11)	(12)	(10,405)
Transfers into Level 3	—		19,214	—	—	—	19,214
Transfers out of Level 3	—		(7,037)	(24,646)	(217)	(3,431)	(35,331)
Fair value, June 30, 2022	$	7,008	159,289	123,616	—	407	290,320
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	(156)		(2,047)	(777)	—	(7)	(2,987)
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	(581)		(16,424)	(8,551)	(17)	(446)	(26,019)

The following tables present quantitative information about the significant unobservable inputs used in the fair value measurements of Level 3 assets at June 30, 2023, and December 31, 2022:

June 30, 2023
($ in thousands)	Assets Measured at Fair Value		Valuation Techniques	Unobservable Inputs	Range	Weighted Average
Internal valuations:
Corporate securities	$	116,155	Discounted Cash Flow	Illiquidity Spread	(4.4)% - 5.3%	2.2%
CLO and other ABS	90,768		Discounted Cash Flow	Illiquidity Spread	0.01% - 19.6%	2.6%
Total internal valuations	206,923
Other1	248,247
Total Level 3 securities	$	455,170

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December 31, 2022
($ in thousands)	Assets Measured at Fair Value		Valuation Techniques	Unobservable Inputs	Range	Weighted Average
Internal valuations:
Corporate securities	$	81,867	Discounted Cash Flow	Illiquidity Spread	(4.4)% - 5.3%	1.3%
CLO and other ABS	59,452		Discounted Cash Flow	Illiquidity Spread	0.01% - 19.6%	2.5%
Total internal valuations	141,319
Other1	207,936
Total Level 3 securities	$	349,255

1Other is comprised of broker quotes or other third-party pricing for which there is a lack of transparency into the inputs used to develop the valuations. The quantitative details of these unobservable inputs are neither provided to us, nor reasonably available to us, and therefore are not included in the tables above.

For the securities in the tables above valued using a discounted cash flow analysis, we apply an illiquidity spread in our determination of fair value. An increase in this assumption would result in a lower fair value measurement.

The following tables provide quantitative information about our financial assets and liabilities that were not measured at fair value, but were disclosed as such at June 30, 2023, and December 31, 2022:

June 30, 2023			Fair Value Measurements Using
($ in thousands)	Assets/ Liabilities Disclosed at Fair Value		Quoted Prices in  Active Markets for  Identical Assets/ Liabilities (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial Assets
HTM:
Corporate securities	$	22,356	—	22,356	—
Total HTM fixed income securities	22,356		—	22,356	—
CMLs	$	163,068	—	—	163,068
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	52,312	—	52,312	—
6.70% Senior Notes	102,386		—	102,386	—
5.375% Senior Notes	275,149		—	275,149	—
3.03% borrowings from FHLBI	57,011		—	57,011	—
Total long-term debt	$	486,858	—	486,858	—

December 31, 2022			Fair Value Measurements Using
($ in thousands)	Assets/ Liabilities Disclosed at Fair Value		Quoted Prices in  Active Markets for  Identical Assets/ Liabilities (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial Assets
HTM:
Obligations of states and political subdivisions	$	3,405	—	3,405	—
Corporate securities	26,432		—	26,432	—
Total HTM fixed income securities	$	29,837	—	29,837	—
CMLs	$	139,243	—	—	139,243
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	51,705	—	51,705	—
6.70% Senior Notes	99,264		—	99,264	—
5.375% Senior Notes	258,459		—	258,459	—
3.03% borrowings from FHLBI	57,175		—	57,175	—
Total long-term debt	$	466,603	—	466,603	—

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NOTE 6. Allowance for Credit Losses on Premiums Receivable

The following table provides a roll forward of the allowance for credit losses on our premiums receivable balance for the indicated periods:

	Quarter ended June 30,				Six Months ended June 30,
($ in thousands)	2023		2022		2023		2022
Balance at beginning of period	$	17,100	$	14,300	$	16,100	$	13,600
Current period change for expected credit losses	1,515		1,169		3,425		2,085
Write-offs charged against the allowance for credit losses	(1,047)		(918)		(2,211)		(1,438)
Recoveries	332		349		586		653
Allowance for credit losses, end of period	$	17,900	$	14,900	$	17,900	$	14,900

For a discussion of the methodology used to evaluate our estimate of expected credit losses on premiums receivable, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2022 Annual Report.

NOTE 7. Reinsurance

We evaluate and monitor the financial condition of our reinsurers under voluntary reinsurance arrangements to minimize our exposure to significant losses from reinsurer insolvencies. The following tables provide (i) a disaggregation of our reinsurance recoverable balance by financial strength rating, and (ii) an aging analysis of our past due reinsurance recoverable balances as of June 30, 2023, and December 31, 2022:

	June 30, 2023
($ in thousands)	Current		Past Due		Total Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++	$	80,117	$	888	$	81,005
A+	347,802		5,367		353,169
A	117,592		5,316		122,908
A-	3,599		89		3,688
Total rated reinsurers	$	549,110	$	11,660	$	560,770
Non-rated reinsurers
Federal and state pools	$	80,629	$	—	$	80,629
Other than federal and state pools	6,717		475		7,192
Total non-rated reinsurers	$	87,346	$	475	$	87,821
Total reinsurance recoverable, gross	$	636,456	$	12,135	$	648,591
Less: allowance for credit losses					(1,800)
Total reinsurance recoverable, net					$	646,791

	December 31, 2022
($ in thousands)	Current		Past Due		Total Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++	$	46,282	$	1	$	46,283
A+	425,395		3,191		428,586
A	106,102		1,315		107,417
A-	7,148		89		7,237
Total rated reinsurers	$	584,927	$	4,596	$	589,523
Non-rated reinsurers
Federal and state pools	$	180,794	$	—	$	180,794
Other than federal and state pools	13,678		415		14,093
Total non-rated reinsurers	$	194,472	$	415	$	194,887
Total reinsurance recoverable, gross	$	779,399	$	5,011	$	784,410
Less: allowance for credit losses					(1,600)
Total reinsurance recoverable, net					$	782,810

The $100.2 million decrease in "Federal and state pools" as of June 30, 2023, compared to December 31, 2022, was primarily

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due to a decrease in the NFIP reserves recorded as of December 31, 2022, for flood losses in Florida and surrounding states as a result of Hurricane Ian, which are 100% ceded to the NFIP.

The following table provides a roll forward of the allowance for credit losses on our reinsurance recoverable balance for the periods indicated:

($ in thousands)	Quarter ended June 30,			Six Months ended June 30,
	2023		2022	2023		2022
Balance at beginning of period	$	2,300	1,600	$	1,600	1,600
Current period change for expected credit losses	(500)		—	200		—
Write-offs charged against the allowance for credit losses	—		—	—		—
Recoveries	—		—	—		—
Allowance for credit losses, end of period	$	1,800	1,600	$	1,800	1,600

For a discussion of the methodology used to evaluate our estimate of expected credit losses on our reinsurance recoverable balance, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2022 Annual Report.

The following table lists direct, assumed, and ceded reinsurance amounts for premiums written, premiums earned, and loss and loss expense incurred for the indicated periods. For more information about reinsurance, refer to Note 9. “Reinsurance” in Item 8. “Financial Statements and Supplementary Data.” of our 2022 Annual Report.

	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2023		2022	2023		2022
Premiums written:
Direct	$	1,232,496	1,050,506	$	2,365,256	2,051,555
Assumed	5,577		8,552	10,971		13,866
Ceded	(153,166)		(128,317)	(291,552)		(244,882)
Net	$	1,084,907	930,741	$	2,084,675	1,820,539
Premiums earned:
Direct	$	1,073,498	955,651	$	2,105,726	1,887,027
Assumed	5,968		7,481	12,258		13,009
Ceded	(137,316)		(128,693)	(273,498)		(253,314)
Net	$	942,150	834,439	$	1,844,486	1,646,722
Loss and loss expenses incurred:
Direct	$	698,994	559,913	$	1,312,223	1,088,501
Assumed	5,678		5,125	10,933		9,403
Ceded	(58,542)		(40,170)	(109,588)		(78,800)
Net	$	646,130	524,868	$	1,213,568	1,019,104

NOTE 8. Reserve for Loss and Loss Expense

The table below provides a roll forward of the reserve for loss and loss expense for beginning and ending reserve balances:

	Six Months ended June 30,
($ in thousands)	2023		2022
Gross reserve for loss and loss expense, at beginning of period	$	5,144,821	4,580,903
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period	757,513		578,641
Net reserve for loss and loss expense, at beginning of period	4,387,308		4,002,262
Incurred loss and loss expense for claims occurring in the:
Current year	1,221,635		1,041,778
Prior years	(8,067)		(22,674)
Total incurred loss and loss expense	1,213,568		1,019,104
Paid loss and loss expense for claims occurring in the:
Current year	320,026		272,401
Prior years	720,314		570,868
Total paid loss and loss expense	1,040,340		843,269
Net reserve for loss and loss expense, at end of period	4,560,536		4,178,097
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period	616,487		544,082
Gross reserve for loss and loss expense, at end of period	$	5,177,023	4,722,179

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Prior year reserve development in Six Months 2023 was favorable by $8.1 million, consisting of $16.5 million of favorable casualty reserve development, partially offset by $8.4 million of unfavorable property reserve development. The favorable casualty reserve development included $17.5 million in our workers compensation line of business and $5.0 million in our Excess and Surplus ("E&S") casualty lines of business, partially offset by $6.0 million of unfavorable casualty reserve development in our personal automobile line of business.

Prior year reserve development in Six Months 2022 was favorable by $22.7 million, consisting of $32.0 million of favorable casualty reserve development, partially offset by $9.3 million of unfavorable property reserve development. The favorable casualty reserve development included $20.0 million in our workers compensation line of business, $7.0 million in our bonds line of business, and $5.0 million in our general liability line of business.

NOTE 9. Segment Information

We evaluate the results of our four reportable segments as follows:

•Our Standard Commercial Lines, Standard Personal Lines, and E&S Lines are evaluated on (i) before and after-tax underwriting results (net premiums earned, incurred loss and loss expense, policyholder dividends, policy acquisition costs, and other underwriting expenses), (ii) their return on equity ("ROE") contribution, and (iii) their combined ratios.

•Our Investments segment is primarily evaluated on after-tax net investment income and its ROE contribution. After-tax net realized and unrealized gains and losses are also included in our Investments segment results.

In computing each segment's results, we do not make adjustments for interest expense or corporate expenses. No segment has a separate investment portfolio or allocated assets.

The following summaries present revenues (net investment income and net realized and unrealized gains and losses on investments in the case of the Investments segment) and pre-tax income for the individual segments:

Revenue by Segment	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2023		2022	2023		2022
Standard Commercial Lines:
Net premiums earned:
General liability	$	254,510	226,285	$	497,859	442,610
Commercial automobile	225,067		198,381	442,438		392,211
Commercial property	141,348		123,562	276,640		243,624
Workers compensation	88,746		83,502	172,930		168,182
Businessowners' policies	34,385		31,508	67,556		61,552
Bonds	11,619		10,682	23,016		21,042
Other	7,034		6,317	13,885		12,485
Miscellaneous income	5,568		2,596	7,749		3,697
Total Standard Commercial Lines revenue	768,277		682,833	1,502,073		1,345,403
Standard Personal Lines:
Net premiums earned:
Personal automobile	48,230		39,952	93,144		79,668
Homeowners	36,902		31,630	71,915		62,817
Other	2,038		1,756	3,981		3,495
Miscellaneous income	536		441	989		869
Total Standard Personal Lines revenue	87,706		73,779	170,029		146,849
E&S Lines:
Net premiums earned:
Casualty lines	62,151		56,041	122,968		110,665
Property lines	30,120		24,823	58,154		48,371
Total E&S Lines revenue	92,271		80,864	181,122		159,036
Investments:
Net investment income earned	97,696		70,222	189,202		142,824
Net realized and unrealized investment gains (losses)	(5,426)		(42,880)	(2,082)		(83,232)
Total Investments revenue	92,270		27,342	187,120		59,592
Total revenues	$	1,040,524	864,818	$	2,040,344	1,710,880

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Income Before and After Federal Income Tax	Quarter ended June 30,				Six Months ended June 30,
($ in thousands)	2023			2022	2023		2022
Standard Commercial Lines:
Underwriting income (loss), before federal income tax	$	22,146		46,708	$	61,067	89,092
Underwriting income (loss), after federal income tax	17,495			36,899	48,243		70,383
Combined ratio	97.1		%	93.1	95.9		93.4
ROE contribution	2.8			6.0	4.1		5.5
Standard Personal Lines:
Underwriting income (loss), before federal income tax	$	(23,060)		(12,367)	$	(36,133)	(5,847)
Underwriting income (loss), after federal income tax	(18,217)			(9,770)	(28,545)		(4,619)
Combined ratio	126.5		%	116.9	121.4		104.0
ROE contribution	(2.9)			(1.6)	(2.4)		(0.4)
E&S Lines:
Underwriting income (loss), before federal income tax	$	(612)		3,372	$	12,723	10,297
Underwriting income (loss), after federal income tax	(483)			2,664	10,051		8,135
Combined ratio	100.7		%	95.8	93.0		93.5
ROE contribution	(0.1)			0.4	0.8		0.6
Investments:
Net investment income earned	$	97,696		70,222	$	189,202	142,824
Net realized and unrealized investment gains (losses)	(5,426)			(42,880)	(2,082)		(83,232)
Total investments segment income, before federal income tax	92,270			27,342	187,120		59,592
Tax on investments segment income	18,745			4,559	37,901		10,172
Total investments segment income, after federal income tax	$	73,525		22,783	$	149,219	49,420
ROE contribution of after-tax net investment income earned	12.6			9.1	12.5		8.9

Reconciliation of Segment Results to Income Before Federal Income Tax	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2023		2022	2023		2022
Underwriting income
Standard Commercial Lines	$	22,146	46,708	$	61,067	89,092
Standard Personal Lines	(23,060)		(12,367)	(36,133)		(5,847)
E&S Lines	(612)		3,372	12,723		10,297
Investment income	92,270		27,342	187,120		59,592
Total all segments	90,744		65,055	224,777		153,134
Interest expense	(7,258)		(7,252)	(14,424)		(14,420)
Corporate expenses	(9,329)		(7,899)	(21,437)		(18,920)
Income, before federal income tax	$	74,157	49,904	$	188,916	119,794
Preferred stock dividends	(2,300)		(2,300)	(4,600)		(4,600)
Income available to common stockholders, before federal income tax	$	71,857	47,604	$	184,316	115,194

NOTE 10. Retirement Plans

The primary pension plan for our employees is the Retirement Income Plan for Selective Insurance Company of America (the “Pension Plan”). The plan is closed to new entrants, and benefits ceased accruing under the Pension Plan after March 31, 2016. For more information about Selective Insurance Company of America's ("SICA") retirement plans, see Note 15. “Retirement Plans” in Item 8. “Financial Statements and Supplementary Data.” of our 2022 Annual Report.

The following tables provide information about the Pension Plan:

	Pension Plan
	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2023		2022	2023		2022
Net Periodic Pension Cost (Benefit):
Interest cost	$	3,866	2,486	$	7,732	4,972
Expected return on plan assets	(5,772)		(5,537)	(11,545)		(11,074)
Amortization of unrecognized net actuarial loss	750		367	1,501		733
Total net periodic pension cost (benefit)1	$	(1,156)	(2,684)	$	(2,312)	(5,369)

1The components of net periodic pension cost (benefit) are included within "Loss and loss expense incurred" and "Other insurance expenses" on the Consolidated Statements of Income.

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	Pension Plan
	Six Months ended June 30,
	2023		2022
Weighted-Average Expense Assumptions:
Discount rate	5.21	%	2.98	%
Effective interest rate for calculation of interest cost	5.09		2.48
Expected return on plan assets	6.90		5.00

NOTE 11. Comprehensive Income

The components of comprehensive income, both gross and net of tax, for Second Quarter 2023 and Six Months 2023 and Second Quarter 2022 and Six Months 2022 were as follows:

Second Quarter 2023
($ in thousands)	Gross		Tax	Net
Net income	$	74,157	15,549	58,608
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(60,681)		(12,744)	(47,937)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(6,030)		(1,266)	(4,764)
Amounts reclassified into net income:
Net realized (gains) losses on disposals and intent-to-sell AFS securities	9,383		1,970	7,413
Credit loss (benefit) expense	(864)		(181)	(683)
Total unrealized gains (losses) on investment securities	(58,192)		(12,221)	(45,971)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial (gain) loss	757		159	598
Total defined benefit pension and post-retirement plans	757		159	598
Other comprehensive income (loss)	(57,435)		(12,062)	(45,373)
Comprehensive income (loss)	$	16,722	3,487	13,235
Second Quarter 2022
($ in thousands)	Gross		Tax	Net
Net income	$	49,904	10,384	39,520
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(222,903)		(46,810)	(176,093)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(72,691)		(15,264)	(57,427)
Amounts reclassified into net income:
Net realized (gains) losses on disposals and intent-to-sell AFS securities	18,170		3,816	14,354
Credit loss (benefit) expense	15,519		3,258	12,261
Total unrealized gains (losses) on investment securities	(261,905)		(55,000)	(206,905)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial (gain) loss	417		87	330
Total defined benefit pension and post-retirement plans	417		87	330
Other comprehensive income (loss)	(261,488)		(54,913)	(206,575)
Comprehensive income (loss)	$	(211,584)	(44,529)	(167,055)

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Six Months 2023
($ in thousands)	Gross		Tax	Net
Net income	$	188,916	37,734	151,182
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	5,244		1,102	4,142
Unrealized gains (losses) on securities with credit loss recognized in earnings	16,401		3,444	12,957
Amounts reclassified into net income:
Net realized (gains) losses on disposals and intent-to-sell AFS securities	15,487		3,252	12,235
Credit loss (benefit) expense	(10,393)		(2,183)	(8,210)
Total unrealized gains (losses) on investment securities	26,739		5,615	21,124
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial (gain) loss	1,514		318	1,196
Total defined benefit pension and post-retirement plans	1,514		318	1,196
Other comprehensive income (loss)	28,253		5,933	22,320
Comprehensive income (loss)	$	217,169	43,667	173,502
Six Months 2022
($ in thousands)	Gross		Tax	Net
Net income	$	119,794	23,944	95,850
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(484,735)		(101,794)	(382,941)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(159,312)		(33,455)	(125,857)
Amounts reclassified into net income:
HTM securities	1		—	1
Net realized (gains) losses on disposals and intent-to-sell AFS securities	34,161		7,174	26,987
Credit loss (benefit) expense	37,571		7,889	29,682
Total unrealized gains (losses) on investment securities	(572,314)		(120,186)	(452,128)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial (gain) loss	834		175	659
Total defined benefit pension and post-retirement plans	834		175	659
Other comprehensive income (loss)	(571,480)		(120,011)	(451,469)
Comprehensive income (loss)	$	(451,686)	(96,067)	(355,619)

The balances of, and changes in, each component of accumulated other comprehensive income ("AOCI") (net of taxes) as of June 30, 2023, were as follows:

June 30, 2023	Net Unrealized Gains (Losses) on Investment Securities				Defined Benefit Pension and Post-Retirement Plans	Total AOCI
($ in thousands)	Credit Loss Related1		All Other	Investments Subtotal
Balance, December 31, 2022	$	(121,838)	(295,197)	(417,035)	(81,007)	(498,042)
OCI before reclassifications	12,957		4,142	17,099	—	17,099
Amounts reclassified from AOCI	(8,210)		12,235	4,025	1,196	5,221
Net current period OCI	4,747		16,377	21,124	1,196	22,320
Balance, June 30, 2023	$	(117,091)	(278,820)	(395,911)	(79,811)	(475,722)

1Represents change in unrealized gains (losses) on securities with credit loss recognized in earnings.

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The reclassifications out of AOCI were as follows:

	Quarter ended June 30,			Six Months ended June 30,			Affected Line Item in the Unaudited Consolidated Statements of Income
($ in thousands)	2023		2022	2023		2022
HTM related
Unrealized (gains) losses on HTM disposals	$	—	—	$	—	—	Net realized and unrealized investment gains (losses)
Amortization of net unrealized losses (gains) on HTM securities	—		—	—		1	Net investment income earned
	—		—	—		1	Income before federal income tax
	—		—	—		—	Total federal income tax expense
	—		—	—		1	Net income
Net realized (gains) losses on disposals and intent-to-sell AFS securities
Net realized (gains) losses on disposals and intent-to-sell AFS securities	9,383		18,170	15,487		34,161	Net realized and unrealized investment gains (losses)
	9,383		18,170	15,487		34,161	Income before federal income tax
	(1,970)		(3,816)	(3,252)		(7,174)	Total federal income tax expense
	7,413		14,354	12,235		26,987	Net income
Credit loss related
Credit loss (benefit) expense	(864)		15,519	(10,393)		37,571	Net realized and unrealized investment gains (losses)
	(864)		15,519	(10,393)		37,571	Income before federal income tax
	181		(3,258)	2,183		(7,889)	Total federal income tax expense
	(683)		12,261	(8,210)		29,682	Net income
Defined benefit pension and post-retirement life plans
Net actuarial loss	173		84	348		180	Loss and loss expense incurred
	584		333	1,166		654	Other insurance expenses
Total defined benefit pension and post-retirement life	757		417	1,514		834	Income before federal income tax
	(159)		(87)	(318)		(175)	Total federal income tax expense
	598		330	1,196		659	Net income
Total reclassifications for the period	$	7,328	26,945	$	5,221	57,329	Net income

NOTE 12. Earnings per Common Share

The following table presents the calculations of earnings per common share ("EPS") on a basic and diluted basis:

	Quarter ended June 30,			Six Months ended June 30,
(in thousands, except per share amounts)	2023		2022	2023	2022
Net income available to common stockholders:	$	56,308	37,220	146,582	91,250
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic	60,614		60,440	60,575	60,412
Effect of dilutive securities - stock compensation plans	323		407	343	416
Weighted average common shares outstanding - diluted	60,937		60,847	60,918	60,828
EPS:
Basic	$	0.93	0.62	2.42	1.51
Diluted	0.92		0.61	2.41	1.50

NOTE 13. Litigation

As of June 30, 2023, we do not believe we are involved in any legal action that could have a material adverse effect on our consolidated financial condition, results of operations, or cash flows.

In the ordinary course of conducting business, we are parties in various legal actions. Most are claims litigation involving our ten insurance subsidiaries (collectively referred to as "Insurance Subsidiaries") as (i) liability insurers defending or providing indemnity for third-party claims brought against our customers, (ii) insurers defending first-party coverage claims brought against them, or (iii) liability insurers seeking declaratory judgment on our insurance coverage obligations. We account for such activity by establishing unpaid loss and loss expense reserves. Considering potential losses and defense costs reserves, we expect that any potential ultimate liability for ordinary course claims litigation will not be material to our consolidated financial

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condition, results of operations, or cash flows.

All our commercial property and businessowners' policies require direct physical loss of or damage to property by a covered cause of loss. All our standard lines commercial property and businessowners' policies also include or attach an exclusion that states all loss or property damage caused by or resulting from any virus, bacterium, or other microorganism that induces or is capable of inducing physical distress, illness, or disease is not a covered cause of loss ("Virus Exclusion"). Whether COVID-19-related contamination, the existence of the COVID-19 pandemic, and the resulting COVID-19-related government shutdown orders cause physical loss of or damage to property is the subject of much public debate and first-party coverage litigation against some insurers, including us. The Virus Exclusion is also the subject of first-party coverage litigation against some insurers, including us. To date, insurers (including us) have prevailed in the majority of these suits, with most decisions holding that COVID-19 does not cause physical loss of or damage to property and the Virus Exclusion is valid. Nonetheless, these two matters continue to be litigated in trial courts, are subject to review by state and federal appellate courts, and their ultimate outcome cannot be assured.

From time to time, our Insurance Subsidiaries also are named as defendants in other legal actions, some asserting claims for substantial amounts. Plaintiffs may style these actions as class actions and seek judicial certification of a state or national class for allegations involving our business practices, such as improper medical provider reimbursement under workers compensation and personal and commercial automobile insurance policies or improper reimbursement for automobile parts. Similarly, our Insurance Subsidiaries can be named defendants in individual actions seeking extra-contractual damages, punitive damages, or penalties, often alleging bad faith in handling insurance claims. We believe that we have valid defenses to these allegations, and we account for such activity by establishing unpaid loss and loss expense reserves. Considering estimated losses and defense costs reserves, we expect that any potential ultimate liability for these other legal actions will not be material to our consolidated financial condition. As litigation outcomes are inherently unpredictable and the amounts sought in certain actions are large or indeterminate, adverse outcomes could potentially have a material adverse effect on our consolidated results of operations or cash flows in particular quarterly or annual periods.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Forward-Looking Statements

The terms "Company," "we," "us," and "our" refer to Selective Insurance Group, Inc. (the "Parent"), and its subsidiaries, except as expressly indicated or the context otherwise requires. Certain statements in this Quarterly Report on Form 10-Q, including information incorporated by reference, are “forward-looking statements” defined in the Private Securities Litigation Reform Act of 1995 (“PSLRA”). The PSLRA provides a forward-looking statement safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements discuss our intentions, beliefs, projections, estimations, or forecasts of future events and financial performance. They involve known and unknown risks, uncertainties, and other factors that may cause our or our industry's actual results, activity levels, or performance to materially differ from those in or implied by the forward-looking statements. In some cases, forward-looking statements include the words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “target,” “project,” “intend,” “believe,” “estimate,” “predict,” “potential,” “pro forma,” “seek,” “likely,” “continue,” or comparable terms. Our forward-looking statements are only predictions, and we cannot guarantee or assure that such expectations will prove correct. We undertake no obligation to publicly update or revise any forward-looking statements for any reason, except as may be required by law.

Factors that could cause our actual results to differ materially from what we project, forecast, or estimate in forward-looking statements are discussed in further detail in Item 1A. “Risk Factors.” in Part II. “Other Information” of this Form 10-Q. These risk factors may not be exhaustive. We operate in a constantly changing business environment, and new risk factors may emerge at anytime. We can neither predict these new risk factors nor assess their impact, if any, on our businesses or the extent any factor or combination of factors may cause actual results to differ materially from any forward-looking statements. Given these risks, uncertainties, and assumptions, the forward-looking events we discuss in this report might not occur.

Introduction

We classify our business into four reportable segments:

•Standard Commercial Lines;

•Standard Personal Lines;

•Excess and Surplus Lines ("E&S Lines"); and

•Investments.

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For more details about these segments, refer to Note 9. "Segment Information" in Item 1. "Financial Statements." of this Form 10-Q and Note 12. "Segment Information" in Item 8. "Financial Statements and Supplementary Data." of our Annual Report on Form 10-K for the year ended December 31, 2022 ("2022 Annual Report").

We write our Standard Commercial and Standard Personal Lines products and services through nine of our insurance subsidiaries, some of which participate in the federal government's National Flood Insurance Program's ("NFIP") Write Your Own Program. We write our E&S products through another subsidiary, Mesa Underwriters Specialty Insurance Company, a nationally-authorized non-admitted platform for customers who generally cannot obtain coverage in the standard marketplace. Collectively, we refer to our ten insurance subsidiaries as the "Insurance Subsidiaries."

The following is Management’s Discussion and Analysis (“MD&A”) of our financial condition and consolidated results of operations, including an evaluation of the amounts and certainty of cash flows from operations and outside sources, trends, and uncertainties that may have a material impact in future periods. Investors should read the MD&A in conjunction with Item 1. "Financial Statements." of this Form 10-Q and the consolidated financial statements in our 2022 Annual Report filed with the United States ("U.S.") Securities and Exchange Commission.

In the MD&A, we will discuss and analyze the following:

•Critical Accounting Policies and Estimates;

•Financial Highlights of Results for the second quarters ended June 30, 2023 (“Second Quarter 2023”) and June 30, 2022 (“Second Quarter 2022”); and the six-month periods ended June 30, 2023 ("Six Months 2023") and June 30, 2022 ("Six Months 2022");

•Results of Operations and Related Information by Segment;

•Federal Income Taxes;

•Liquidity and Capital Resources; and

•Ratings.

Critical Accounting Policies and Estimates

Our unaudited interim consolidated financial statements include amounts for which we have made informed estimates and judgments for transactions not yet completed. Such estimates and judgments affect the reported amounts in the consolidated financial statements. As outlined in our 2022 Annual Report, those estimates and judgments most critical to the preparation of the consolidated financial statements involved the following: (i) reserves for loss and loss expense; (ii) investment valuation and the allowance for credit losses on available-for-sale ("AFS") fixed income securities; and (iii) reinsurance. These estimates and judgments require the use of assumptions about highly uncertain matters, making them subject to change as facts and circumstances develop. If different estimates and judgments had been applied, materially different amounts might have been reported in the financial statements. For additional information regarding our critical accounting policies and estimates, refer to pages 37 through 45 of our 2022 Annual Report.

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Financial Highlights of Results for Second Quarter and Six Months 2023 and Second Quarter and Six Months 20221

($ and shares in thousands, except per share amounts)	Quarter ended June 30,				Change % or Points		Six Months ended June 30,				Change % or Points
	2023			2022			2023			2022
Financial Data:
Revenues	$	1,040,524		864,818	20	%	$	2,040,344		1,710,880	19	%
After-tax net investment income	77,812			56,658	37		150,864			115,173	31
After-tax underwriting income	(1,206)			29,793	(104)		29,749			73,898	(60)
Net income before federal income tax	74,157			49,904	49		188,916			119,794	58
Net income	58,608			39,520	48		151,182			95,850	58
Net income available to common stockholders	56,308			37,220	51		146,582			91,250	61
Key Metrics:
Combined ratio	100.2		%	95.5	4.7	pts	98.0		%	94.3	3.7	pts
Invested assets per dollar of common stockholders' equity	$	3.29		3.17	4	%	$	3.29		3.17	4	%
Annualized after-tax yield on investment portfolio	3.9		%	3.0	0.9	pts	3.8			3.0	0.8	pts
Return on common equity ("ROE")	9.1			6.0	3.1		12.1			7.1	5.0	pts
Net premiums written ("NPW") to statutory surplus ratio	1.52		x	1.41	0.11		1.52		x	1.41	0.11
Per Common Share Amounts:
Diluted net income per share	$	0.92		0.61	51	%	$	2.41		1.50	61	%
Book value per share	40.81			39.68	3		40.81			39.68	3
Dividends declared per share to common stockholders	0.30			0.28	7		0.60			0.56	7
Non-GAAP Information:
Non-GAAP operating income2	$	60,595		71,095	(15)	%	$	148,227		157,003	(6)	%
Non-GAAP operating income per diluted common share2	0.99			1.17	(15)		2.44			2.58	(5)
Non-GAAP operating ROE2	9.8		%	11.4	(1.6)	pts	12.2		%	12.1	0.1	pts
Adjusted book value per common share2	$	47.34		44.18	7	%	$	47.34		44.18	7	%

1Refer to the Glossary of Terms attached to our 2022 Annual Report as Exhibit 99.1 for definitions of terms used of this Form 10-Q.

2Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating ROE are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and ROE, respectively, but exclude after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are important financial measures used by us, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized investment gains and losses on investments could distort the analysis of trends.

Reconciliations of our GAAP to non-GAAP measures are provided in the tables below:

Reconciliation of net income available to common stockholders to non-GAAP operating income	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2023		2022	2023		2022
Net income available to common stockholders	$	56,308	37,220	$	146,582	91,250
Net realized and unrealized investment (gains) losses included in net income, before tax	5,426		42,880	2,082		83,232
Tax on reconciling items	(1,139)		(9,005)	(437)		(17,479)
Non-GAAP operating income	$	60,595	71,095	$	148,227	157,003

Reconciliation of net income available to common stockholders per diluted common share to non-GAAP operating income per diluted common share	Quarter ended June 30,			Six Months ended June 30,
	2023		2022	2023		2022
Net income available to common stockholders per diluted common share	$	0.92	0.61	$	2.41	1.50
Net realized and unrealized investment (gains) losses included in net income, before tax	0.09		0.70	0.04		1.37
Tax on reconciling items	(0.02)		(0.14)	(0.01)		(0.29)
Non-GAAP operating income per diluted common share	$	0.99	1.17	$	2.44	2.58

Reconciliation of ROE to non-GAAP operating ROE	Quarter ended June 30,			Six Months ended June 30,
	2023		2022	2023		2022
ROE	9.1	%	6.0	12.1	%	7.1
Net realized and unrealized investment (gains) losses included in net income, before tax	0.9		6.9	0.1		6.4
Tax on reconciling items	(0.2)		(1.5)	—		(1.4)
Non-GAAP operating ROE	9.8	%	11.4	12.2	%	12.1

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Reconciliation of book value per common share to adjusted book value per common share	Quarter ended June 30,			Six Months ended June 30,
	2023		2022	2023		2022
Book value per common share	$	40.81	39.68	$	40.81	39.68
Total unrealized investment (gains) losses included in accumulated other comprehensive income (loss), before tax	8.27		5.69	8.27		5.69
Tax on reconciling items	(1.74)		(1.19)	(1.74)		(1.19)
Adjusted book value per common share	$	47.34	44.18	$	47.34	44.18

The components of our ROE and non-GAAP operating ROE are as follows:

ROE and non-GAAP operating ROE Components	Quarter ended June 30,			Change Points	Six Months ended June 30,				Change Points
	2023		2022		2023		2022
Standard Commercial Lines Segment	2.8	%	6.0	(3.2)	4.1	%	5.5		(1.4)
Standard Personal Lines Segment	(2.9)		(1.6)	(1.3)	(2.4)		(0.4)		(2.0)
E&S Lines Segment	(0.1)		0.4	(0.5)	0.8		0.6		0.2
Total insurance operations	(0.2)		4.8	(5.0)	2.5		5.7		(3.2)
Investment income	12.6		9.1	3.5	12.5		8.9	%	3.6
Net realized and unrealized investment gains (losses)	(0.7)		(5.4)	4.7	(0.1)		(5.0)		4.9
Total investments segment	11.9		3.7	8.2	12.4		3.9		8.5
Other	(2.6)		(2.5)	(0.1)	(2.8)		(2.5)		(0.3)
ROE	9.1		6.0	3.1	12.1		7.1		5.0
Net realized and unrealized investment (gains) losses, after tax	0.7		5.4	(4.7)	0.1		5.0		(4.9)
Non-GAAP operating ROE	9.8		11.4	(1.6)	12.2		12.1		0.1

Although our underwriting segments had a modest loss in Second Quarter 2023, driven by elevated net catastrophe losses, our investments segment generated strong net investment income, resulting in a non-GAAP operating ROE of 9.8%, which was 1.6 points below our Second Quarter 2022 non-GAAP operating ROE of 11.4%. During Six Months 2023, elevated net catastrophe loss activity was offset by significant growth in after-tax net investment income, resulting in a non-GAAP operating ROE of 12.2% that was in line with our full-year 2023 target non-GAAP operating ROE of 12% and our Six Months 2022 non-GAAP operating ROE of 12.1%.

The decrease in our insurance operations ROE of 5.0 points in Second Quarter 2023 and 3.2 points in Six Months 2023, compared to the same prior-year periods, was due to a decrease in after-tax underwriting income of $31.0 million in Second Quarter 2023 and $44.1 million in Six Months 2023 compared to the same prior-year periods. These decreases were largely driven by an increase in net catastrophe losses and lower favorable prior year casualty reserve development. Pre-tax net catastrophe losses in Second Quarter 2023 were $100.0 million, or 10.6 points on the combined ratio, compared to $45.6 million of pre-tax net catastrophe losses in Second Quarter 2022, or 5.5 points on the combined ratio. Each underwriting segment was impacted in Second Quarter 2023, with $62.6 million of pre-tax net catastrophe losses in Standard Commercial Lines, $21.2 million in Standard Personal Lines, and $16.3 million in Excess and Surplus Lines. We were impacted by nineteen events designated as catastrophes by Property Claims Services ("PCS named events") in Second Quarter 2023, and 33 PCS named events in Six Months 2023, mostly in our Midwest and East Coast footprint states. None of these events were large enough to attach to our catastrophe reinsurance treaty.

The increase in our investments segment ROE of 3.5 points in Second Quarter 2023 and 3.6 points in Six Months 2023, compared to the same prior-year periods, was due to an increase in after-tax net investment income of $21.2 million in Second Quarter 2023 and $35.7 million in Six Months 2023 compared to the same prior-year periods. These increases were largely driven by greater income earned on our fixed income securities portfolio due to higher book yields received from the investment of operating and investing cash flows over the past year in the higher interest rate environment.

In addition, a decrease in net realized and unrealized investment losses in Second Quarter 2023 and Six Months 2023 compared to the same prior-year periods drove the increase in our ROE of 4.7 points in Second Quarter 2023 and 4.9 points in Six Months 2023 compared to the same prior-year periods. The decrease in net realized and unrealized investment losses was primarily due to (i) a credit loss benefit recorded on our AFS fixed income securities portfolio in both current-year periods compared to credit loss expense recorded in both prior-year periods, and (ii) an increase in valuations reflecting the current public equities market. The credit loss benefit in both current-year periods reflected the tightening of credit spreads, partially offset by rising benchmark U.S. Treasury rates.

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Outlook

We entered 2023 well positioned to navigate the on-going challenges of elevated inflation, increased interest rates, and financial market volatility. Our overall Six Months 2023 financial results were strong with 15% growth in NPW and a 12.2% non-GAAP operating ROE, which was in line with our full-year target of 12%.

We continue to focus on several foundational areas to position us for ongoing success:

•Delivering on our strategy for continued disciplined and profitable growth by:

◦Executing our distribution model that emphasizes franchise value, meaning we focus on appointing and having meaningful, close business relationships with high-quality, independent distribution partners who value our relationships and provide us the opportunity to grow profitably with them;

◦Achieving renewal pure price increases that reflect our current profitability and forward loss trend expectations;

◦Continuing to expand our Standard Commercial Lines market share by (i) increasing our share towards our 12% target of our agents' premiums, (ii) strategically appointing new agents, and (iii) maximizing new business growth in the small business market through utilization of our enhanced small business platform;

◦Expanding our geographic footprint. In 2022, we began writing Standard Commercial Lines business in Vermont, Alabama, and Idaho. We plan to expand our Standard Commercial Lines footprint into other states over time, including introducing five new states over the next two to three years. We expect to write new business in West Virginia and Maine in early 2024 and then expand into targeted states in the western half of the country;

◦Increasing customer retention by delivering a superior omnichannel experience and offering value-added technologies and services;

◦Shifting our Standard Personal Lines products and services towards customers in the mass affluent market, where we believe we can be more competitive with the strong coverage and servicing capabilities that we offer; and

◦Deploying our new underwriting platform in our E&S segment and improving agents' ease of interactions with us.

•Continuing to further develop our culture centered on the values of diversity, equity, and inclusion that fosters innovation, idea generation, and the development of a group of specially trained leaders who can guide us successfully into the future.

For 2023, we increased our expectation for net catastrophe losses while maintaining other full-year expectations as follows:

•A GAAP combined ratio of 96.5%, including net catastrophe losses of 6.0 points, up from prior guidance of 4.5 points. Our combined ratio estimate assumes no additional prior year casualty reserve development;

•After-tax net investment income of $300 million that includes $30 million of after-tax net investment income from our alternative investments;

•An overall effective tax rate of approximately 21.0%, which assumes an effective tax rate of 20.0% for net investment income and 21.0% for all other items; and

•Weighted average shares of 61 million on a fully diluted basis, which assumes no additional share repurchases we may make under our authorization.

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Results of Operations and Related Information by Segment

Insurance Operations

The following table provides quantitative information for analyzing the combined ratio:

All Lines	Quarter ended June 30,				Change % or Points		Six Months ended June 30,				Change % or Points
($ in thousands)	2023			2022			2023			2022
Insurance Operations Results:
Net premiums written ("NPW")	$	1,084,907		930,741	17	%	$	2,084,675		1,820,539	15	%
Net premiums earned (“NPE”)	942,150			834,439	13		1,844,486			1,646,722	12
Less:
Loss and loss expense incurred	646,130			524,868	23		1,213,568			1,019,104	19
Net underwriting expenses incurred	295,697			270,828	9		589,640			531,467	11
Dividends to policyholders	1,849			1,030	80		3,621			2,609	39
Underwriting income	$	(1,526)		37,713	(104)	%	$	37,657		93,542	(60)	%
Combined Ratios:
Loss and loss expense ratio	68.6		%	62.9	5.7	pts	65.8		%	61.8	4.0	pts
Underwriting expense ratio	31.4			32.5	(1.1)		32.0			32.3	(0.3)
Dividends to policyholders ratio	0.2			0.1	0.1		0.2			0.2	—
Combined ratio	100.2			95.5	4.7		98.0			94.3	3.7

The NPW growth of 17% in Second Quarter 2023 and 15% in Six Months 2023 compared to the same prior-year periods reflected (i) overall renewal pure price increases, and (ii) higher direct new business, as shown in the following table:

	Quarter ended June 30,				Six Months ended June 30,
($ in millions)	2023			2022	2023			2022
Direct new business premiums	$	241.6		182.0	$	458.5		359.2
Renewal pure price increases	6.4		%	5.0	6.6		%	4.8

Our NPW growth in Second Quarter 2023 and Six Months 2023 also benefited from strong retention and exposure growth.

The increase in NPE in Second Quarter 2023 and Six Months 2023 compared to the same prior-year periods resulted from the same impacts to NPW described above.

Loss and Loss Expenses

The loss and loss expense ratio increased 5.7 points in Second Quarter 2023 and 4.0 points in Six Months 2023 compared to the same prior-year periods, primarily due to the following:

	Second Quarter 2023				Second Quarter 2022
($ in millions)	Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio		Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio		Change in Ratio
Net catastrophe losses	$	100.0	10.6	pts	$	45.6	5.5	pts	5.1	pts
(Favorable) prior year casualty reserve development	(3.5)		(0.4)		(12.0)		(1.4)		1.0
Non-catastrophe property loss and loss expenses	157.2		16.7		138.6		16.6		0.1
Total	$	253.7	26.9		$	172.2	20.7		6.2

	Six Months 2023				Six Months 2022
($ in millions)	Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio		Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio		Change in Ratio
Net catastrophe losses	$	155.3	8.4	pts	$	66.2	4.0	pts	4.4	pts
(Favorable) prior year casualty reserve development	(16.5)		(0.9)		(32.0)		(1.9)		1.0
Non-catastrophe property loss and loss expenses	305.4		16.6		288.9		17.5		(0.9)
Total	$	444.2	24.1		$	323.1	19.6		4.5

We had higher net catastrophe losses in Second Quarter 2023 and Six Months 2023 compared to the same prior-year periods. In Second Quarter 2023, 19 wind and thunderstorm PCS named events impacted our footprint, with no single storm large enough to attach to our catastrophe reinsurance treaty. In Second Quarter 2022, 18 PCS named events occurred in our

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footprint, but had a lesser impact on our results. Six Months 2023 included 33 PCS named events compared to Six Months 2022, which included 28 PCS named events. In Second Quarter 2023 and Six Months 2023, net catastrophe losses primarily impacted our commercial property line of business, homeowners lines of business, and E&S Lines. In Second Quarter 2022 and Six Months 2022, net catastrophe losses primarily impacted our commercial property and homeowners lines of business.

Details of the prior year casualty reserve development were as follows:

(Favorable)/Unfavorable Prior Year Casualty Reserve Development	Quarter ended June 30,				Six Months ended June 30,
($ in millions)	2023			2022	2023			2022
General liability	$	—		—	$	—		(5.0)
Workers compensation	(7.5)			(10.0)	(17.5)			(20.0)
Bonds	—			(2.0)	—			(7.0)
Total Standard Commercial Lines	(7.5)			(12.0)	(17.5)			(32.0)
Homeowners	—			—	—			—
Personal automobile	4.0			—	6.0			—
Total Standard Personal Lines	4.0			—	6.0			—
E&S	—			—	(5.0)			—
Total (favorable) prior year casualty reserve development	$	(3.5)		(12.0)	$	(16.5)		(32.0)
(Favorable) impact on loss ratio	(0.4)		pts	(1.4)	(0.9)		pts	(1.9)

For additional qualitative discussion on prior year casualty reserve development and non-catastrophe property loss and loss expenses, refer to the insurance segment sections below.

Underwriting Expenses

The underwriting expense ratio decreased 1.1 points in Second Quarter 2023 and 0.3 points in Six Months 2023 compared to the same prior-year periods, primarily due to premium growth outpacing the growth in underwriting expenses in both current-year periods compared to the same prior-year periods.

Standard Commercial Lines Segment

	Quarter ended June 30,				Change % or Points		Six Months ended June 30,				Change % or Points
($ in thousands)	2023			2022			2023			2022
Insurance Segments Results:
NPW	$	870,145		760,293	14	%	$	1,683,461		1,497,932	12	%
NPE	762,709			680,237	12		1,494,324			1,341,706	11
Less:
Loss and loss expense incurred	495,507			406,901	22		942,833			806,375	17
Net underwriting expenses incurred	243,207			225,598	8		486,803			443,630	10
Dividends to policyholders	1,849			1,030	80		3,621			2,609	39
Underwriting income	22,146			46,708	(53)		$	61,067		89,092	(31)
Combined Ratios:
Loss and loss expense ratio	65.0		%	59.7	5.3	pts	63.1		%	60.1	3.0	pts
Underwriting expense ratio	31.9			33.2	(1.3)		32.6			33.1	(0.5)
Dividends to policyholders ratio	0.2			0.2	—		0.2			0.2	—
Combined ratio	97.1			93.1	4.0		95.9			93.4	2.5

NPW growth of 14% in Second Quarter 2023 and 12% in Six Months 2023 compared to the same prior-year periods reflected (i) renewal pure price increases, (ii) higher direct new business, and (iii) strong retention as shown in the table below. In addition, NPW growth in both current-year periods benefited from strong exposure growth.

	Quarter ended June 30,			Six Months ended June 30,
($ in millions)	2023		2022	2023		2022
Direct new business premiums	$	159.1	129.0	$	306.8	257.4
Retention	85		86	84		86
Renewal pure price increases	6.7		5.3	6.9		5.1

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The increase in NPE in Second Quarter 2023 and Six Months 2023 compared to the same prior-year periods resulted from the same impacts to NPW described above.

The loss and loss expense ratio increased 5.3 points in Second Quarter 2023 and 3.0 points in Six Months 2023 compared to the same prior-year periods, primarily driven by the following:

	Second Quarter 2023				Second Quarter 2022
($ in millions)	Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio		Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio	Change in Ratio
Net catastrophe losses	$	62.6	8.2	pts	$	22.3	3.3	4.9	pts
Non-catastrophe property loss and loss expenses	111.4		14.6		99.2		14.6	—
(Favorable) prior year casualty reserve development	(7.5)		(1.0)		(12.0)		(1.8)	0.8
Total	166.5		21.8		109.5		16.1	5.7

	Six Months 2023				Six Months 2022
($ in millions)	Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio		Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio	Change in Ratio
Net catastrophe losses	$	97.7	6.5	pts	$	37.3	2.8	3.7	pts
Non-catastrophe property loss and loss expenses	216.8		14.5		214.9		16.0	(1.5)
(Favorable) prior year casualty reserve development	(17.5)		(1.2)		(32.0)		(2.4)	1.2
Total	297.0		19.8		220.2		16.4	3.4

Second Quarter 2023 and Six Months 2023 experienced elevated net catastrophe losses compared to the same prior-year periods as discussed in the "Insurance Operations" section above. For qualitative discussion on non-catastrophe property loss and loss expenses, refer to the commercial property line of business section below.

The favorable prior year casualty reserve development of $7.5 million in Second Quarter 2023 and $17.5 million in Six Months 2023 was primarily due to improved loss severities in accident years 2020 and prior in our workers compensation line of business. Favorable prior year casualty reserve development in Second Quarter 2022 included (i) $10.0 million in our workers compensation line of business, primarily due to improved loss severities in accident years 2019 and prior, and (ii) $2.0 million in our bonds line of business. Favorable prior year casualty reserve development in Six Months 2022 included (i) $20.0 million in our workers compensation line of business, primarily due to improved loss severities in accident years 2019 and prior, (ii) $7.0 million in our bonds line of business, and (iii) $5.0 million in our general liability line of business, primarily attributable to improved loss severities in accident years 2019 and prior.

The underwriting expense ratio decreased 1.3 points in Second Quarter 2023 and 0.5 points in Six Months 2023 compared to the same prior-year periods, primarily due to premium growth outpacing the growth in underwriting expenses in both current-year periods compared to the same prior-year periods.

The following is a discussion of our most significant Standard Commercial Lines of business:

General Liability
	Quarter ended June 30,				Change  % or Points1		Six Months ended June 30,				Change  % or Points1
($ in thousands)	2023			2022			2023			2022
NPW	$	292,846		257,468	14	%	$	564,972		501,586	13	%
Direct new business	48,409			36,280	n/a		93,140			74,163	n/a
Retention	86		%	86	n/a		85		%	86	n/a
Renewal pure price increases	5.2			4.3	n/a		5.3			4.2	n/a
NPE	$	254,510		226,285	12	%	$	497,859		442,610	12	%
Underwriting income	32,626			25,005	30		59,752			53,822	11
Combined ratio	87.2		%	88.9	(1.7)	pts	88.0		%	87.8	0.2	pts
% of total Standard Commercial Lines NPW	34			34			34			33

1n/a: not applicable.

NPW growth of 14% in Second Quarter 2023 and 13% in Six Months 2023 compared to the same prior-year periods benefited from exposure growth, strong retention, renewal pure price increases, and higher direct new business.

The combined ratio was impacted by a decrease in the underwriting expense ratio of 1.7 points in Second Quarter 2023 and 1.0

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point in Six Months 2023 compared to the same prior-year periods, as discussed in the "Standard Commercial Lines Segment" section above.

In addition, Six Months 2023 was impacted by less favorable prior year casualty reserve development as follows:

	Six Months 2023				Six Months 2022
($ in millions)	Loss and Loss Expense Incurred		Impact on Combined Ratio		Loss and Loss Expense Incurred		Impact on Combined Ratio	Change in Ratio
(Favorable) prior year casualty reserve development	$	—	—	pts	$	(5.0)	(1.1)	1.1	pts

The favorable prior year casualty reserve development in Six Months 2022 was primarily attributable to improved loss severities in accident years 2019 and prior.

Commercial Automobile
	Quarter ended June 30,				Change  % or Points1		Six Months ended June 30,				Change  % or Points1
($ in thousands)	2023			2022			2023			2022
NPW	$	257,266		222,847	15	%	$	497,449		435,442	14	%
Direct new business	39,905			29,878	n/a		76,881			61,291	n/a
Retention	86		%	87	n/a		85		%	87	n/a
Renewal pure price increases	9.5			8.0	n/a		9.8			7.7	n/a
NPE	$	225,067		198,381	13	%	$	442,438		392,211	13	%
Underwriting (loss) income	(4,182)			(4,260)	(2)		(15,923)			(15,178)	(5)
Combined ratio	101.9		%	102.1	(0.2)	pts	103.6		%	103.9	(0.3)	pts
% of total Standard Commercial Lines NPW	30			29			30			29

1n/a: not applicable.

NPW growth of 15% in Second Quarter 2023 and 14% in Six Months 2023 compared to the same prior-year periods benefited from renewal pure price increases, higher direct new business, and strong retention. NPW also benefited from 4% growth of in-force vehicle counts as of June 30, 2023, compared to June 30, 2022.

The combined ratio decreased 0.2 points in Second Quarter 2023 and 0.3 points in Six Months 2023 compared to the same prior-year periods, primarily driven by a decrease in the underwriting expense ratio of 1.7 points in Second Quarter 2023 and 0.7 points in Six Months 2023 compared to the same prior-year periods, as discussed in the "Standard Commercial Lines Segment" section above.

Offsetting the decrease in the underwriting expense ratio was the following:

	Second Quarter 2023				Second Quarter 2022
($ in millions)	Loss and Loss Expense Incurred		Impact on Combined Ratio		Loss and Loss Expense Incurred		Impact on Combined Ratio	Change in Ratio
Net catastrophe losses	$	1.9	0.8	pts	$	0.6	0.3	0.5	pts
Non-catastrophe property loss and loss expenses	42.5		18.9		34.8		17.6	1.3
Total	$	44.4	19.7		$	35.4	17.9	1.8

	Six Months 2023				Six Months 2022
($ in millions)	Loss and Loss Expense Incurred		Impact on Combined Ratio		Loss and Loss Expense Incurred		Impact on Combined Ratio	Change in Ratio
Net catastrophe losses	$	2.1	0.5	pts	$	0.9	0.2	0.3	pts
Non-catastrophe property loss and loss expenses	89.1		20.1		77.8		19.8	0.3
Total	$	91.2	20.6		$	78.7	20.0	0.6

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Commercial Property1
	Quarter ended June 30,				Change  % or Points2		Six Months ended June 30,				Change  % or Points2
($ in thousands)	2023			2022			2023			2022
NPW	$	167,665		140,148	20	%	$	319,269		271,053	18	%
Direct new business	37,317			31,318	n/a		72,073			59,135	n/a
Retention	84		%	85	n/a		84		%	85	n/a
Renewal pure price increases	9.3			6.0	n/a		9.4			6.1	n/a
NPE	$	141,348		123,562	14	%	$	276,640		243,624	14	%
Underwriting income	(24,410)			2,817	(967)		(14,332)			2,993	(579)
Combined ratio	117.3		%	97.7	19.6	pts	105.2		%	98.8	6.4	pts
% of total Standard Commercial Lines NPW	19			18			19			18

1includes Inland Marine.

2n/a: not applicable.

NPW growth of 20% in Second Quarter 2023 and 18% in Six Months 2023 compared to the same prior-year periods benefited from renewal pure price increases, strong retention, exposure growth, and higher direct new business.

The combined ratio increased 19.6 points in Second Quarter 2023 and 6.4 points in Six Months 2023 compared to the same prior-year periods, primarily driven by the following:

	Second Quarter 2023				Second Quarter 2022
($ in millions)	Loss and Loss Expense Incurred		Impact on Combined Ratio		Loss and Loss Expense Incurred	Impact on Combined Ratio	Change in Ratio
Net catastrophe losses	$	56.1	39.7	pts	19.1	15.5	24.2	pts
Non-catastrophe property loss and loss expenses	57.6		40.7		55.6	45.0	(4.3)
Total	$	113.7	80.4		74.7	60.5	19.9

	Six Months 2023				Six Months 2022
($ in millions)	Loss and Loss Expense Incurred		Impact on Combined Ratio		Loss and Loss Expense Incurred	Impact on Combined Ratio	Change in Ratio
Net catastrophe losses	$	83.8	30.3	pts	32.1	13.2	17.1	pts
Non-catastrophe property loss and loss expenses	104.1		37.6		118.6	48.7	(11.1)
Total	$	187.9	67.9		150.7	61.9	6.0

Second Quarter 2023 and Six Months 2023 experienced elevated net catastrophe losses as discussed in the "Insurance Operations" section above. We had lower non-catastrophe property loss and loss expense ratios in Second Quarter 2023 and Six Months 2023 compared to the same prior-year periods. While this change continues to reflect the variability from period to period that is normally associated with the commercial property line of business, we manage our long-term profitability through (i) price increases, and (ii) targeted underwriting actions, including an ongoing focus on achieving accurate insurance to value ratios.

Workers Compensation
	Quarter ended June 30,				Change  % or Points1		Six Months ended June 30,				Change  % or Points1
($ in thousands)	2023			2022			2023			2022
NPW	$	95,602		88,400	8	%	$	189,034		185,859	2	%
Direct new business	17,320			17,009	n/a		34,939			33,955	n/a
Retention	84		%	85	n/a		84		%	86	n/a
Renewal pure price increases (decreases)	(1.1)			(0.1)	n/a		(1.1)			(0.6)	n/a
NPE	$	88,746		83,502	6	%	$	172,930		168,182	3	%
Underwriting income	12,586			15,631	(19)		27,172			31,536	(14)
Combined ratio	85.8		%	81.3	4.5	pts	84.3		%	81.2	3.1	pts
% of total Standard Commercial Lines NPW	11			12			11			12

1n/a: not applicable.

NPW increased 8% in Second Quarter 2023 and 2% in Six Months 2023 compared to the same prior-year periods, primarily due to strong retention and exposure growth.

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The combined ratio increased 4.5 points in Second Quarter 2023 and 3.1 points in Six Months 2023 compared to the same prior-year periods, primarily driven by less favorable prior year casualty reserve development as follows:

	Second Quarter 2023				Second Quarter 2022
($ in millions)	Loss and Loss Expense Incurred		Impact on Combined Ratio		Loss and Loss Expense Incurred		Impact on Combined Ratio	Change in Ratio
(Favorable) prior year casualty reserve development	$	(7.5)	(8.5)	pts	$	(10.0)	(12.0)	3.5	pts

	Six Months 2023				Six Months 2022
($ in millions)	Loss and Loss Expense Incurred		Impact on Combined Ratio		Loss and Loss Expense Incurred		Impact on Combined Ratio	Change in Ratio
(Favorable) prior year casualty reserve development	$	(17.5)	(10.1)	pts	$	(20.0)	(11.9)	1.8	pts

The favorable prior year casualty reserve development in Second Quarter 2023 and Six Months 2023 was primarily due to improved loss severities in accident years 2020 and prior. The favorable prior year casualty reserve development in Second Quarter 2022 and Six Months 2022 was primarily due to improved loss severities in accident years 2019 and prior.

In addition, the combined ratio was impacted by an increase in current year casualty loss costs of 0.9 points in Second Quarter 2023 and 0.4 points in Six Months 2023 compared to the same prior-year periods, driven by our view of loss trends versus rate changes.

Standard Personal Lines Segment

	Quarter ended June 30,				Change % or Points		Six Months ended June 30,				Change % or Points
($ in thousands)	2023			2022			2023			2022
Insurance Segments Results:
NPW	$	109,103		82,564	32	%	$	194,381		147,621	32	%
NPE	87,170			73,338	19		169,040			145,980	16
Less:
Loss and loss expense incurred	87,982			66,586	32		161,150			115,133	40
Net underwriting expenses incurred	22,248			19,119	16		44,023			36,694	20
Underwriting income (loss)	$	(23,060)		(12,367)	(86)		$	(36,133)		(5,847)	(518)	%
Combined Ratios:
Loss and loss expense ratio	101.0		%	90.8	10.2	pts	95.4		%	78.9	16.5	pts
Underwriting expense ratio	25.5			26.1	(0.6)		26.0			25.1	0.9
Combined ratio	126.5			116.9	9.6		121.4			104.0	17.4

NPW increased 32% in both Second Quarter 2023 and Six Months 2023 compared to the same prior-year periods, due to (i) higher direct new business, (ii) stronger retention, (iii) renewal pure price increases, (iv) higher homeowner coverage amounts due to inflation, and (v) higher average policy sizes from our mass affluent market strategy. In the third quarter of 2021, we transitioned our personal lines strategy to target customers in the mass affluent market where we believe our strong coverage and servicing capabilities will be more competitive.

	Quarter ended June 30,				Six Months ended June 30,
($ in millions)	2023			2022	2023			2022
Direct new business premiums1	$	32.5		13.5	$	58.8		23.1
Retention	88		%	85	87		%	84
Renewal pure price increases	3.4			0.6	2.7			0.6

1Excludes our Flood direct premiums written, which is 100% ceded to the NFIP and therefore, has no impact on our NPW.

The increase in NPE in Second Quarter 2023 and Six Months 2023 compared to the same prior-year periods resulted from the same impacts to NPW described above.

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The loss and loss expense ratio increased 10.2 points in Second Quarter 2023 and 16.5 points in Six Months 2023 compared to the same prior-year periods, driven by the following:

	Second Quarter 2023				Second Quarter 2022
($ in millions)	Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio		Loss and Loss Expense Incurred	Impact on Loss and Loss Expense Ratio	Change in Ratio
Net catastrophe losses	$	21.2	24.3	pts	21.1	28.7	(4.4)	pts
Non-catastrophe property loss and loss expenses	37.8		43.3		26.9	36.7	6.6
Unfavorable prior year casualty reserve development	4.0		4.6		—	—	4.6
Total	$	63.0	72.2		48.0	65.4	6.8

	Six Months 2023				Six Months 2022
($ in millions)	Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio		Loss and Loss Expense Incurred	Impact on Loss and Loss Expense Ratio	Change in Ratio
Net catastrophe losses	$	35.8	21.2	pts	25.4	17.4	3.8	pts
Non-catastrophe property loss and loss expenses	71.6		42.4		52.5	36.0	6.4
Unfavorable prior year casualty reserve development	6.0		3.5		—	—	3.5
Total	$	113.4	67.1		77.9	53.4	13.7

Net catastrophe losses in both Second Quarter 2023 and Second Quarter 2022 exceeded our 10-year historical average. Six Months 2023 also exceeded our 10-year historical average, and experienced elevated net catastrophe losses compared to Six Months 2022, as discussed in the "Insurance Operations" section above.

We experienced elevated non-catastrophe property loss and loss expenses in Second Quarter 2023 and Six Months 2023, driven by higher personal automobile physical damage and homeowners property losses. The higher automobile damage losses resulted from increasing claim frequencies, as well as greater severities from inflationary and supply chain impacts that have increased labor and repair costs, and claim duration, which affects vehicle rental days. Higher homeowners property losses were attributable to elevated severities due to higher construction costs and increasing home values, both impacted by economic inflation. The likely continuation of elevated non-catastrophe property loss and loss expenses, coupled with renewal pure price increases below loss trend, will put pressure on this segment's profitability in the near-term. We have and continue to file rate increases on a state-by-state basis to mitigate these inflationary impacts. These filed rate increases began to take effect on a written basis during the first quarter of 2023. We expect the number of rate filings and their approved filed rate impacts to continue to increase through 2023.

The unfavorable prior year casualty reserve development in Second Quarter and Six Months 2023 was primarily due to increased loss severities in accident year 2022. There was no prior year casualty reserve development in Second Quarter 2022 or Six Months 2022.

In addition, the loss and loss expense ratio was impacted by an increase in current-year casualty loss costs of 3.4 points in Second Quarter 2023 and 2.7 points in Six Months 2023 compared to the same prior-year periods, in response to elevated prior year severities and increasing claim frequencies.

The underwriting expense ratio decreased 0.6 points in Second Quarter 2023 compared to Second Quarter 2022, primarily due to premium growth outpacing the growth in underwriting expenses. During Six Months 2023 compared to Six Months 2022, the impact of premium growth on the underwriting expense ratio was more than offset by a 1.4-point increase in the ratio related to the commission benefit that we receive from our participation in the NFIP.

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E&S Lines Segment

	Quarter ended June 30,				Change % or Points		Six Months ended June 30,				Change % or Points
($ in thousands)	2023			2022			2023			2022
Insurance Segments Results:
NPW	$	105,659		87,884	20	%	$	206,833		174,986	18	%
NPE	92,271			80,864	14		181,122			159,036	14
Less:
Loss and loss expense incurred	62,641			51,381	22		109,585			97,596	12
Net underwriting expenses incurred	30,242			26,111	16		58,814			51,143	15
Underwriting income (loss)	(612)			3,372	(118)		$	12,723		10,297	24
Combined Ratios:
Loss and loss expense ratio	67.9		%	63.5	4.4	pts	60.5		%	61.3	(0.8)	pts
Underwriting expense ratio	32.8			32.3	0.5		32.5			32.2	0.3
Combined ratio	100.7			95.8	4.9		93.0			93.5	(0.5)

NPW growth of 20% in Second Quarter 2023 and 18% in Six Months 2023 compared to the same prior-year periods reflected renewal pure price increases and higher direct new business as shown in the table below. In addition, NPW growth in Second Quarter 2023 and Six Months 2023 benefited from exposure growth in both our casualty and property policy coverages driven by higher rates and increased construction costs resulting from economic inflation.

	Quarter ended June 30,				Six Months ended June 30,
($ in millions)	2023			2022	2023			2022
Direct new business premiums	$	50.0		39.5	$	92.9		78.7
Renewal pure price increases	7.5		%	6.9	7.4		%	7.3

The increase in NPE in Second Quarter 2023 and Six Months 2023 compared to the same prior-year periods resulted from the same impacts to NPW described above.

The loss and loss expense ratio increased 4.4 points in Second Quarter 2023 and decreased 0.8 points in Six Months 2023 compared to the same prior-year periods, primarily driven by the following:

	Second Quarter 2023				Second Quarter 2022
($ in millions)	Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio		Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio	Change in Ratio
Net catastrophe losses	$	16.3	17.6	pts	$	2.2	2.8	14.8	pts
Non-catastrophe property loss and loss expenses	8.1		8.8		12.5		15.4	(6.6)
Total	$	24.4	26.4		$	14.7	18.2	8.2

	Six Months 2023				Six Months 2022
($ in millions)	Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio		Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio	Change in Ratio
Net catastrophe losses	$	21.9	12.1	pts	$	3.5	2.2	9.9	pts
Non-catastrophe property loss and loss expenses	17.0		9.4		21.6		13.6	(4.2)
(Favorable) prior year casualty reserve development	(5.0)		(2.8)		—		—	(2.8)
Total	$	33.9	18.7		$	25.1	15.8	2.9

We experienced elevated net catastrophe losses in Second Quarter 2023 and Six Months 2023 compared to the same prior-year periods as discussed in the "Insurance Operations" section above.

The favorable prior year casualty reserve development in Six Months 2023 was primarily due to lower severities in accident years 2021 and prior. There was no prior year casualty reserve development in Second Quarter 2022 and Six Months 2022.

In addition, the loss and loss expense ratio was favorably impacted by a decrease in current year casualty loss costs of 3.9 points in Second Quarter 2023 and 3.8 points in Six Months 2023, compared to the same prior-year periods. Our E&S casualty lines results have improved over recent years from several underwriting and claims initiatives and strong rate increases. The decrease in current year casualty loss costs reflected the impacts of these actions.

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Reinsurance

We successfully completed negotiations of our July 1, 2023 excess of loss treaties, which cover our Standard Commercial Lines, Standard Personal Lines, and E&S Lines.

We renewed the Casualty Excess of Loss Treaty ("Casualty Treaty") with substantially the same structure as the expiring treaty. The treaty year 2023 deposit premium increased $28.3 million, or 33%, reflecting (i) higher projected subject earned premium due to growth in our book of business, including pure renewal rate increases; (ii) a modest reinsurance rate increase; and (iii) additional reinstatement coverage in the first three layers.

We renewed the Property Excess of Loss Treaty (“Property Treaty”) and elected to increase the first layer retention from $3.0 million to $5.0 million. We elected to increase our retention in recognition of the growing overall size of our book of business and to manage our overall reinsurance cost while maintaining an appropriate level of capital and earnings protection. In addition, the first layer reinstatement provision was revised to 15 free reinstatements, from the expiring treaty's unlimited free reinstatements. The attachment points and limits for the subsequent layers remained the same. The treaty year deposit premium decreased $5.6 million, or 11%, reflecting the premium reduction associated with the aforementioned first layer retention increase, partially offset by a risk-adjusted rate increase and an increase in exposure.

The following table summarizes the Property Treaty and Casualty Treaty arrangements covering our Insurance Subsidiaries:

Treaty Name	Reinsurance Coverage	Terrorism Coverage
Property Excess of Loss (covers all insurance operations)	There are three layers covering 100% of $65 million in excess of $5 million. Losses other than Terrorism Risk Insurance Program Reauthorization Act ("TRIPRA") certified losses are subject to the following reinstatements and annual aggregate limits: - $5 million in excess of $5 million layer provides 15         reinstatements, $80 million in aggregate limits; - $20 million in excess of $10 million layer provides three         reinstatements, $80 million in aggregate limits; and - $40 million in excess of $30 million layer provides two         reinstatements, $120 million in aggregate limits.	All nuclear, biological, chemical, and radioactive ("NBCR") losses are excluded regardless of whether or not they are certified under the TRIPRA. For non-NBCR losses, the treaty distinguishes between acts committed on behalf of foreign persons or foreign interests ("Foreign Terrorism") and those that are not. The treaty provides annual aggregate limits for Foreign Terrorism (other than NBCR) acts of $15 million for the first layer, $60 million for the second layer, and $40 million for the third layer. Non-foreign terrorism losses (other than NBCR) are covered to the same extent as non-terrorism losses.
Casualty Excess of Loss (covers all insurance operations)	There are six layers covering 100% of $88 million in excess of $2 million. Losses other than terrorism losses are subject to the following: - $3 million in excess of $2 million layer provides 48       reinstatements, $147 million annual aggregate limit; - $7 million in excess of $5 million layer provides eight       reinstatements, $63 million annual aggregate limit; - $9 million in excess of $12 million layer provides three       reinstatements, $36 million annual aggregate limit; - $9 million in excess of $21 million layer provides one       reinstatement, $18 million annual aggregate limit; - $20 million in excess of $30 million layer provides one       reinstatement, $40 million annual aggregate limit; and - $40 million in excess of $50 million layer provides one       reinstatement, $80 million annual aggregate limit.	All NBCR losses are excluded. All other losses stemming from the acts of terrorism are subject to the following: - $3 million in excess of $2 million layer with $15 million net        annual terrorism aggregate limit; - $7 million in excess of $5 million layer with $28 million net       annual terrorism aggregate limit; - $9 million in excess of $12 million layer with $27 million net       annual terrorism aggregate limit; - $9 million in excess of $21 million layer with $18 million net       annual terrorism aggregate limit; - $20 million in excess of $30 million layer with $40 million       net annual terrorism aggregate limit; and  - $40 million in excess of $50 million layer with $80 million       net annual terrorism aggregate limit.

Investments

Our investment portfolio's objectives are to maximize after-tax net investment income and generate long-term growth in book value per share by maximizing the overall total return of the portfolio by investing the premiums we receive from our insurance operations and the amounts generated through our capital management strategies, which may include debt and equity security issuances. We balance those objectives against prevailing market conditions, capital preservation considerations, and our enterprise risk-taking appetite. We maintain (i) a well-diversified portfolio across issuers, sectors, and asset classes; and (ii) a high credit quality fixed income securities portfolio with a duration and maturity profile at an acceptable risk level that provides ample liquidity.

The effective duration of the fixed income securities portfolio, including short-term investments, was 4.0 years as of June 30, 2023. The effective duration is monitored and managed to maximize yield while managing interest rate risk at an acceptable level. Purchases and sales are made with the intent of maximizing investment returns in the current market environment while balancing capital preservation.

Our fixed income and short-term investments represented 93% of our invested assets at June 30, 2023, and 92% at December

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31, 2022. Our fixed income and short-term investments portfolio had a weighted average credit rating of "AA-" as of June 30, 2023 and December 31, 2022, with investment grade holdings representing 96% of the total portfolio at both periods.

For further details on the composition, credit quality, and various risks to which our portfolio is subject, see Item 7A. “Quantitative and Qualitative Disclosures About Market Risk.” of our 2022 Annual Report.

Total Invested Assets
($ in thousands)	June 30, 2023		December 31, 2022	Change
Total invested assets	$	8,133,199	7,837,469	4		%
Invested assets per dollar of common stockholders' equity	3.29		3.37	(2)
Components of unrealized gains (losses) – before tax:
Fixed income securities	(501,153)		(527,892)	(5)	%
Equity securities	2,742		(5,431)	(150)	%
Net unrealized gains (losses) – before tax	(498,411)		(533,323)	(7)	%
Components of unrealized gains (losses) – after tax:
Fixed income securities	(395,910)		(417,035)	(5)	%
Equity securities	2,166		(4,290)	(150)	%
Net unrealized gains (losses) – after tax	(393,744)		(421,325)	(7)	%

Invested assets increased $295.7 million at June 30, 2023, compared to December 31, 2022, reflecting our active investment of operating and investing cash flows in 2023 and a $34.9 million decrease in pre-tax unrealized losses during Six Months 2023. Operating cash flows during Six Months 2023 were 14% of NPW. The decrease in pre-tax unrealized losses was primarily driven by a tightening of credit spreads, partially offset by an increase in benchmark U.S. Treasury rates.

Net Investment Income

The components of net investment income earned were as follows:

	Quarter ended June 30,				Change % or Points		Six Months ended June 30,				Change % or Points
($ in thousands)	2023			2022			2023			2022
Fixed income securities	$	83,916		62,144	35	%	$	164,003		116,069	41	%
Commercial mortgage loans ("CMLs")	2,199			1,192	84		4,164			2,162	93
Equity securities	2,236			2,639	(15)		3,441			5,057	(32)
Short-term investments	2,892			407	611		7,542			508	1,385
Alternative investments	11,396			9,274	23		19,164			28,402	(33)
Other investments	188			(214)	(188)		231			(37)	(724)
Investment expenses	(5,131)			(5,220)	(2)		(9,343)			(9,337)	—
Net investment income earned – before tax	97,696			70,222	39		189,202			142,824	32
Net investment income tax expense	(19,884)			(13,564)	47		(38,338)			(27,651)	39
Net investment income earned – after tax	$	77,812		56,658	37		$	150,864		115,173	31
Effective tax rate	20.4		%	19.3	1.1	pts	20.3		%	19.4	0.9	pts
Annualized after-tax yield on fixed income investments	3.9			3.1	0.8		3.8			2.8	1.0
Annualized after-tax yield on investment portfolio	3.9			3.0	0.9		3.8			3.0	0.8

After-tax net investment income earned increased 37% in Second Quarter 2023 and 31% in Six Months 2023 compared to the same prior-year periods, primarily driven by an increase in income earned on our fixed income securities portfolio due to higher book yields received from the investment of operating and investing cash flows over the past year in the higher interest rate environment.

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Realized and Unrealized Gains and Losses

When evaluating securities for sale, our general philosophy is to reduce our exposure to securities and sectors based on economic evaluations of whether (i) the fundamentals for that security or sector have deteriorated or (ii) the timing is appropriate to opportunistically trade for other securities with better economic-return characteristics. Net realized and unrealized gains and losses for the indicated periods were as follows:

	Quarter ended June 30,			Change %		Six Months ended June 30,			Change %
($ in thousands)	2023		2022			2023		2022
Net realized gains (losses) on disposals	$	(10,796)	(4,793)	125	%	$	(19,942)	(16,156)	23	%
Net unrealized gains (losses) on equity securities	4,925		(21,860)	(123)		8,173		(24,014)	(134)
Net credit loss benefit (expense) on fixed income securities, AFS	864		(15,519)	(106)		10,393		(37,571)	(128)
Net credit loss benefit (expense) on fixed income securities, held-to-maturity	—		(6)	(100)		—		8	(100)
Net credit loss benefit (expense) on CMLs	(78)		—	—		(61)		—	—
Losses on securities for which we have the intent to sell	(341)		(702)	(51)		(645)		(5,499)	(88)
Total net realized and unrealized investment gains (losses)	$	(5,426)	(42,880)	(87)		$	(2,082)	(83,232)	(97)

Net realized and unrealized investment losses decreased 87% in Second Quarter 2023 and 97% in Six Months 2023 compared to the same prior-year periods, primarily due to (i) a credit loss benefit recorded on our AFS fixed income securities portfolio in both current-year periods compared to credit loss expense recorded in both prior-year periods, and (ii) an increase in valuations reflecting the current public equities market. The credit loss benefit in both current-year periods reflected the tightening of credit spreads, partially offset by rising benchmark U.S. Treasury rates.

Federal Income Taxes

The following table provides information regarding federal income taxes and reconciles federal income tax at the corporate rate to the effective tax rate:

	Quarter ended June 30,				Six Months ended June 30,
($ in thousands)	2023			2022	2023			2022
Tax at statutory rate	$	15,573		10,480	$	39,672		25,157
Tax-advantaged interest	(538)			(1,042)	(1,258)			(2,116)
Dividends received deduction	(68)			(155)	(137)			(260)
Executive compensation	528			484	1,269			742
Stock-based compensation	(111)			(56)	(1,724)			(787)
Other	165			673	(88)			1,208
Federal income tax expense	15,549			10,384	37,734			23,944
Income before federal income tax, less preferred stock dividends	71,857			47,604	184,316			115,194
Effective tax rate	21.6		%	21.8	20.5		%	20.8

Liquidity and Capital Resources

Capital resources and liquidity reflect our ability to generate cash flows from business operations, borrow funds at competitive rates, and raise new capital to meet our operating and growth needs.

Liquidity

We manage liquidity by generating sufficient cash flows to meet the short-term and long-term cash requirements of our business operations. We adjust our liquidity requirements based on economic conditions, market conditions, and future cash flow commitments, as discussed further below.

Sources of Liquidity

Sources of cash for the Parent historically have consisted of dividends from the Insurance Subsidiaries, the investment portfolio held at the Parent, borrowings under third-party lines of credit, loan agreements with certain Insurance Subsidiaries, and the issuance of equity (common or preferred) and debt securities. We continue to monitor these sources, considering our short-term and long-term liquidity and capital preservation strategies.

The Parent's investment portfolio includes (i) short-term investments that have historically been maintained in “AAA” rated money market funds, (ii) high-quality, highly liquid government and corporate fixed income securities, (iii) equity securities, (iv) alternative investments, and (v) a cash balance. In the aggregate, Parent cash and total investments amounted to $480 million at June 30, 2023, and $484 million at December 31, 2022.

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The amount and composition of the Parent's investment portfolio may change over time based on various factors, including the amount and availability of dividends from our Insurance Subsidiaries, investment income, expenses, other Parent cash needs, such as dividends payable to stockholders, asset allocation investment decisions, inorganic growth opportunities, debt retirement, and share repurchases. Our target is for the Parent to maintain highly liquid investments of at least twice its expected annual net cash outflow needs, or $180 million.

Insurance Subsidiary Dividends

The Insurance Subsidiaries generate liquidity through insurance float, which is created by collecting premiums and earning investment income before paying claims. The period of float can extend over many years. Our investment portfolio consists of securities with maturity dates that continually provide a source of cash flow for claims payments in the ordinary course of business. To protect our Insurance Subsidiaries' capital, we purchase reinsurance coverage for significantly large claims or catastrophes that may occur.

The Insurance Subsidiaries paid $80 million in total dividends to the Parent in Six Months 2023. The Insurance Subsidiaries' Boards of Directors did not declare a dividend payable to the Parent during the third quarter of 2023. As of December 31, 2022, our allowable ordinary maximum dividend is $283 million for 2023. All Insurance Subsidiary dividends to the Parent are (i) subject to the approval and/or review of its domiciliary state insurance regulator, and (ii) generally payable only from earned statutory surplus reported in its annual statements as of the preceding December 31. Although domiciliary state insurance regulators historically have approved dividends, there is no assurance they will approve future Insurance Subsidiary dividends.

New Jersey corporate law also limits the maximum amount of dividends the Parent can pay our stockholders if either (i) the Parent would be unable to pay its debts as they become due in the usual course of business, or (ii) the Parent’s total assets would be less than its total liabilities. The Parent’s ability to pay dividends to stockholders is also impacted by (i) covenants in its credit agreement that obligate it, among other things, to maintain a minimum consolidated net worth and a maximum ratio of consolidated debt to total capitalization, and (ii) the terms of our preferred stock that prohibit dividends from being declared or paid on our common stock if dividends are not declared and paid, or made payable, on all outstanding preferred stock for the latest completed dividend period.

For additional information regarding dividend restrictions and financial covenants, where applicable, see Note 11. "Indebtedness," Note 17. "Equity," and Note 22. “Statutory Financial Information, Capital Requirements, and Restrictions on Dividends and Transfers of Funds” in Item 8. “Financial Statements and Supplementary Data.” of our 2022 Annual Report.

Line of Credit

On November 7, 2022, the Parent entered into a Credit Agreement with the lenders named therein (the “Lenders”) and Wells Fargo Bank, National Association, as Administrative Agent ("Line of Credit"). Under the Line of Credit, the Lenders have agreed to provide the Parent with a $50 million revolving credit facility that can be increased to $125 million with the Lenders' consent. No borrowings were made under the Line of Credit in Six Months 2023. The Line of Credit will mature on November 7, 2025, and has a variable interest rate based on the Parent’s debt ratings. We expect to continue to maintain a credit facility for liquidity purposes. For additional information regarding the Line of Credit and corresponding representations, warranties, and covenants, refer to Note 11. "Indebtedness" in Item 8. "Financial Statements and Supplementary Data." of our 2022 Annual Report. We met all covenants under our Line of Credit as of June 30, 2023.

Four of the Insurance Subsidiaries are members of Federal Home Loan Bank ("FHLB") branches, as shown in the following table. Membership requires the ownership of branch stock and includes the right to access liquidity. All Federal Home Loan Bank of Indianapolis ("FHLBI") and Federal Home Loan Bank of New York ("FHLBNY") borrowings are required to be secured by investments pledged as collateral. For additional information regarding collateral outstanding, refer to Note 4. "Investments" in Item 1. "Financial Statements." of this Form 10-Q.

Branch	Insurance Subsidiary Member
FHLBI	Selective Insurance Company of South Carolina ("SICSC")1 Selective Insurance Company of the Southeast ("SICSE")1
FHLBNY	Selective Insurance Company of America ("SICA") Selective Insurance Company of New York ("SICNY")

1These subsidiaries are jointly referred to as the "Indiana Subsidiaries" because they are domiciled in Indiana.

The Line of Credit permits aggregate borrowings from the FHLBI and the FHLBNY up to 10% of the respective member company’s admitted assets for the previous year. As SICNY is domiciled in New York, its FHLBNY borrowings are limited by New York insurance regulations to the lower of 5% of admitted assets for the most recently completed fiscal quarter, or 10% of admitted assets for the previous year-end. As of June 30, 2023, we had remaining capacity of $469.7 million for FHLB

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borrowings, with a $18.6 million additional stock purchase requirement to allow the member companies to borrow their remaining capacity amounts.

Short-term Borrowings

On April 6, 2023, SICA borrowed $20 million from the FHLBNY at an interest rate of 5.00% that was repaid on May 8, 2023. These funds were used for general corporate purposes.

Intercompany Loan Agreements

The Parent has lending agreements with the Indiana Subsidiaries, approved by the Indiana Department of Insurance, that provide the Parent with additional intercompany liquidity. Similar to the Line of Credit, these lending agreements limit the Parent’s borrowings from the Indiana Subsidiaries to 10% of the admitted assets of the respective Indiana Subsidiary. The outstanding balance on these intercompany loans was $40.0 million as of both June 30, 2023, and December 31, 2022. The remaining capacity under these intercompany loan agreements was $121.5 million as of both June 30, 2023, and December 31, 2022. Additionally, we have other insurance regulator-approved intercompany agreements in place that facilitate liquidity management between the Parent and the Insurance Subsidiaries to enhance flexibility.

Capital Market Activities

The Parent had no private or public stock issuances during Six Months 2023. In addition, we had no common stock share repurchases during Six Months 2023 under our existing share repurchase program. We had $84.2 million of remaining capacity under our share repurchase program as of June 30, 2023. For additional information on the share repurchase program, refer to Note 17. “Equity” in Item 8. "Financial Statements and Supplementary Data." of our 2022 Annual Report.

Uses of Liquidity

The Parent's liquidity generated from the sources discussed above is used, among other things, to pay dividends to our stockholders. Dividends on shares of the Parent's common and preferred stock are declared and paid at the discretion of the Board based on our operating results, financial condition, capital requirements, contractual restrictions, and other relevant factors. On August 2, 2023, our Board declared:

•A quarterly cash dividend on common stock of $0.30 per common share that is payable September 1, 2023, to holders of record on August 15, 2023; and

•A cash dividend of $287.50 per share on our 4.60% Non-Cumulative Preferred Stock, Series B (equivalent to $0.28750 per depository share) payable on September 15, 2023, to holders of record as of August 31, 2023.

Our ability to meet our interest and principal repayment obligations on our debt and our ability to continue to pay dividends to our stockholders is dependent on (i) liquidity at the Parent, (ii) the ability of the Insurance Subsidiaries to pay dividends, if necessary, and/or (iii) the availability of other sources of liquidity to the Parent. Our next borrowing principal repayment is $60 million to FHLBI due on December 16, 2026.

Restrictions on the ability of the Insurance Subsidiaries to declare and pay dividends, without alternative liquidity options, could materially affect our ability to service debt and pay dividends on common and preferred stock.

Capital Resources

Capital resources ensure we can pay policyholder claims, furnish the financial strength to support the business of underwriting insurance risks, and facilitate continued business growth. At June 30, 2023, we had GAAP stockholders' equity of $2.7 billion and statutory surplus of $2.5 billion. With total debt of $503.6 million at June 30, 2023, our debt-to-capital ratio was 15.9%. For additional information on our statutory surplus, see Note 22. "Statutory Financial Information, Capital Requirements, and Restrictions on Dividends and Transfers of Funds" in Item 8. "Financial Statements and Supplementary Data." of our 2022 Annual Report.

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The following table summarizes certain contractual obligations we had at June 30, 2023, that may require us to invest additional amounts into our investment portfolio, which we would fund primarily with operating cash flows.

($ in millions)	Amount of Obligation
Alternative and other investments	$	282.5
Non-publicly traded collateralized loan obligations in our fixed income securities portfolio	103.2
Non-publicly traded common stock within our equity portfolio	29.0
CMLs	1.8
Privately-placed corporate securities	12.1
Total	$	428.6

There is no certainty (i) that any such additional investments will be required, and (ii) of the actual timing of the funding. We expect to have the capacity to fund these commitments through our normal operating and investing activities as they come due.

Our current and long-term material cash requirements associated with (i) loss and loss expense reserves, (ii) contractual obligations under operating and financing leases for office space and equipment, and (iii) notes payable, funded primarily with operating cash flows, have not materially changed since December 31, 2022. The Insurance Subsidiaries' net loss and loss expense reserves duration was 3.1 years at December 31, 2022.

Our other cash requirements include, without limitation, dividends to stockholders, capital expenditures, and other operating expenses, including commissions to our distribution partners, labor costs, premium taxes, general and administrative expenses, and income taxes.

As of June 30, 2023, and December 31, 2022, we had no (i) material guarantees on behalf of others and trading activities involving non-exchange traded contracts accounted for at fair value, (ii) material transactions with related parties other than those disclosed in Note 18. “Related Party Transactions” in Item 8. “Financial Statements and Supplementary Data.” of our 2022 Annual Report, and (iii) material relationships with unconsolidated entities or financial partnerships, such as structured finance or special purpose entities, established to facilitate off-balance sheet arrangements or other contractually narrow or limited purposes. Consequently, we are not exposed to any material financing, liquidity, market, or credit risk related to off-balance sheet arrangements.

We continually monitor our cash requirements and the capital resources we maintain at the holding company and operating subsidiary levels. As part of our long-term capital strategy, we strive to maintain capital metrics that support our targeted financial strength relative to the macroeconomic environment. Based on our analysis and market conditions, we may take a variety of actions, including, without limitation, contributing capital to the Insurance Subsidiaries, issuing additional debt and/or equity securities, repurchasing existing debt, repurchasing shares of the Parent’s common stock, and increasing common stockholders’ dividends.

Our capital management strategy is intended to protect the interests of the policyholders of the Insurance Subsidiaries and our stockholders while enhancing our financial strength and underwriting capacity. We have a profitable book of business and solid capital base, positioning us well to take advantage of potential market opportunities.

Book value per common share increased 6% to $40.81 as of June 30, 2023, from $38.57 as of December 31, 2022, driven by $2.41 in net income available to common stockholders per diluted common share and a $0.35 reduction in unrealized losses on our fixed income securities portfolio, partially offset by $0.60 in dividends to our common stockholders. The decrease in net unrealized losses on our fixed income securities was primarily driven by a tightening of credit spreads, partially offset by an increase in benchmark U.S. Treasury rates. Our adjusted book value per share, which is book value per share excluding total after-tax unrealized gains or losses on investments included in accumulated other comprehensive income (loss), increased to $47.34 as of June 30, 2023, from $45.49 as of December 31, 2022.

Cash Flows

Net cash provided by operating activities increased to $293.6 million in Six Months 2023, compared to $243.5 million in Six Months 2022, primarily driven by higher levels of cash received for premiums.

Net cash used in investing activities increased to $253.6 million in Six Months 2023, compared to $234.5 million in Six Months 2022, as a result of investing more cash from operating activities. Operating cash flows during Six Months 2023 were 14% of NPW, compared to 13% of NPW at Six Months 2022.

Net cash used in financing activities remained relatively flat at $44.0 million in Six Months 2023, compared to $46.5 million in

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Six Months 2022.

Ratings

Our ratings are as follows:

Nationally Recognized Statistical Rating Organizations	Financial Strength Rating	Outlook
AM Best Company	A+	Stable
Moody's Investors Services ("Moody's")	A2	Positive
Fitch Ratings ("Fitch")	A+	Stable
Standard & Poor's Global Ratings ("S&P")	A	Stable

On May 25, 2023, Fitch reaffirmed our "A+" rating with a "stable" outlook. In taking this rating action, Fitch cited our (i) business profile as a regional commercial lines writer with strong independent agency relationships, (ii) strong capitalization, and (iii) strong financial performance with stable underwriting results and return metrics that have remained favorable compared to peers.

On July 18, 2023, Moody's reaffirmed our "A2" rating and changed our rating outlook to "positive" from "stable." In taking this rating action, Moody's cited our (i) long record of consistent underwriting profitability and measured geographic expansion while maintaining a sound balance sheet, (ii) strong regional market presence with strong independent agency relationships, and (iii) conservative investment portfolio.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

There have been no material changes in the information about market risk set forth in our 2022 Annual Report.

ITEM 4. CONTROLS AND PROCEDURES.

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), as of the end of the period covered by this report. In performing this evaluation, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control – Integrated Framework ("COSO Framework") in 2013. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures as of the end of such period are (i) effective in recording, processing, summarizing, and reporting information on a timely basis that we are required to disclose in the reports that we file or submit under the Exchange Act, and (ii) effective in ensuring that information that we are required to disclose in the reports that we file or submit under the Exchange Act is appropriately accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions about required disclosure. No changes in our internal control over financial reporting (as such term is defined in Rule 13a-15(f) of the Exchange Act) occurred during Second Quarter 2023 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

Incidental to our insurance operations, we are routinely engaged in legal proceedings with inherently unpredictable outcomes that could have a material adverse effect on our consolidated results of operations or cash flows in particular quarterly or annual periods. For additional information regarding our legal risks, refer to Note 13. "Litigation" in Item 1. "Financial Statements." of this Form 10-Q and Item 1A. “Risk Factors.” below in Part II. “Other Information.” As of June 30, 2023, we have no material pending legal proceedings that could have a material adverse effect on our consolidated financial condition, results of operations, or cash flows.

ITEM 1A. RISK FACTORS.

Certain risk factors can significantly impact our business, liquidity, capital resources, results of operations, financial condition, and debt ratings. These risk factors might affect, alter, or change our actions in executing our long-term capital strategy. Examples include, without limitation, contributing capital to any or all of the Insurance Subsidiaries, issuing additional debt and/or equity securities, repurchasing our existing debt and/or equity securities, or increasing or decreasing common stockholders' dividends. We operate in a continually changing business environment, and new risk factors that we cannot

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predict or assess may emerge at anytime. Consequently, we can neither predict such new risk factors nor assess the potential future impact on our business. There have been no material changes from the risk factors disclosed in Item 1A. “Risk Factors.” in our 2022 Annual Report.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

The following table provides information regarding our purchases of our common stock in Second Quarter 2023:

Period	Total Number of Shares Purchased1	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Programs2	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Announced Programs (in millions)2
April 1 – 30, 2023	99	$	96.68	—	$	84.2
May 1 – 31, 2023	407	102.21		—	84.2
June 1 – 30, 2023	185	98.33		—	84.2
Total	691	$	100.38	—	$	84.2

1We purchased these shares from employees to satisfy tax withholding obligations associated with the vesting of their restricted stock units.

2On December 2, 2020, we announced our Board of Directors authorized a $100 million share repurchase program with no set expiration or termination date. Our repurchase program does not obligate us to acquire any particular amount of our common stock. Management will determine the timing and amount of any share repurchases under the authorization at its discretion based on market conditions and other considerations.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5. OTHER INFORMATION.

During the three months ended June 30, 2023, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S K.

ITEM 6. EXHIBITS.

Exhibit No.
*31.1	Certification of Chief Executive Officer in accordance with Section 302 of the Sarbanes-Oxley Act of 2002.
*31.2	Certification of Chief Financial Officer in accordance with Section 302 of the Sarbanes-Oxley Act of 2002.
**32.1	Certification of Chief Executive Officer in accordance with Section 906 of the Sarbanes-Oxley Act of 2002.
**32.2	Certification of Chief Financial Officer in accordance with Section 906 of the Sarbanes-Oxley Act of 2002.
**101	The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Stockholders' Equity, (v) Consolidated Statements of Cash Flows and (vi) Notes to Consolidated Financial Statements.
**104	The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, formatted in iXBRL.

* Filed herewith.

** Furnished and not filed herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

SELECTIVE INSURANCE GROUP, INC.

Registrant 

Date:	August 3, 2023	By: /s/ John J. Marchioni
		John J. Marchioni
		Chairman of the Board, President and Chief Executive Officer
		(principal executive officer)
Date:	August 3, 2023	By: /s/ Mark A. Wilcox
		Mark A. Wilcox
		Executive Vice President and Chief Financial Officer
		(principal financial officer)

43

EX-31.1

Exhibit 31.1

Certification pursuant to Rule 13a-14(a), as adopted pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002

I, JOHN J. MARCHIONI, President and Chief Executive Officer of Selective Insurance Group, Inc. (the “Company”), certify, that:

1. I have reviewed this quarterly report on Form 10-Q of the Company;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations, comprehensive income and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	August 3, 2023	By: /s/ John J. Marchioni
		John J. Marchioni
		President and Chief Executive Officer

EX-31.2

Exhibit 31.2

Certification pursuant to Rule 13a-14(a), as adopted pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002

I, MARK A. WILCOX, Executive Vice President and Chief Financial Officer of Selective Insurance Group, Inc. (the “Company”), certify, that:

1. I have reviewed this quarterly report on Form 10-Q of the Company;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations, comprehensive income and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	August 3, 2023	By: /s/ Mark A. Wilcox
		Mark A. Wilcox
		Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

I, JOHN J. MARCHIONI, President and Chief Executive Officer of Selective Insurance Group, Inc. (the “Company”), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the quarterly report on Form 10-Q of the Company for the quarterly period ended June 30, 2023 (the “Form 10-Q”), which this certification accompanies, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	August 3, 2023	By: /s/ John J. Marchioni
		John J. Marchioni
		President and Chief Executive Officer

EX-32.2

Exhibit 32.2

Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

I, MARK A. WILCOX, Executive Vice President and Chief Financial Officer of Selective Insurance Group, Inc. (the “Company”), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the quarterly report on Form 10-Q of the Company for the quarterly period ended June 30, 2023 (the “Form 10-Q”), which this certification accompanies, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	August 3, 2023	By: /s/ Mark A. Wilcox
		Mark A. Wilcox
		Executive Vice President and Chief Financial Officer

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-33067
Entity Registrant Name	SELECTIVE INSURANCE GROUP, INC
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	22-2168890
Entity Address, Address Line One	40 Wantage Avenue
Entity Address, City or Town	Branchville
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07890
City Area Code	(973)
Local Phone Number	948-3000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		60,566,856
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000230557
Current Fiscal Year End Date	--12-31
Noncumulative Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of 4.60% Non-Cumulative Preferred Stock, Series B, without par value
Trading Symbol	SIGIP
Security Exchange Name	NASDAQ
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $2 per share
Trading Symbol	SIGI
Security Exchange Name	NASDAQ

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Fixed income securities, held-to-maturity - at carrying value	$ 23,676	$ 31,157
Less: allowance for credit losses	0	0
Fixed income securities, held-to-maturity, net of allowance for credit losses	23,676	31,157
Fixed income securities, available-for-sale - at fair value	7,032,348	6,612,107
Commercial mortgage loans - at carrying value	175,538	149,305
Less: allowance for credit losses	(177)	(116)
Commercial mortgage loans, net of allowance for credit losses	175,361	149,189
Equity securities - at fair value	121,640	162,000
Short-term investments	319,456	440,456
Alternative investments	389,173	371,316
Other investments	71,545	71,244
Total investments (Note 4 and 5)	8,133,199	7,837,469
Cash	354	26
Restricted cash	20,904	25,183
Accrued investment income	59,441	59,167
Premiums receivable	1,304,394	1,101,787
Less: allowance for credit losses (Note 6)	(17,900)	(16,100)
Premiums receivable, net of allowance for credit losses	1,286,494	1,085,687
Reinsurance recoverable, gross	648,591	784,410
Less: allowance for credit losses (Note 7)	(1,800)	(1,600)
Reinsurance recoverable, net of allowance for credit losses	646,791	782,810
Prepaid reinsurance premiums	190,425	172,371
Current federal income tax	0	3,545
Deferred federal income tax	171,915	172,733
Property and equipment - at cost, net of accumulated depreciation and amortization	81,255	84,306
Deferred policy acquisition costs	413,813	368,624
Goodwill	7,849	7,849
Other assets	204,800	202,491
Total assets	11,217,240	10,802,261
Liabilities:
Reserve for loss and loss expense (Note 8)	5,177,023	5,144,821
Unearned premiums	2,251,024	1,992,781
Long-term debt	503,622	504,676
Current federal income tax	2,555	0
Accrued salaries and benefits	91,993	115,185
Other liabilities	519,631	517,234
Total liabilities	8,545,848	8,274,697
Stockholders' Equity:
Preferred stock of $0 par value per share: Authorized shares 5,000,000; Issued shares: 8,000 with $25,000 liquidation preference per share - 2023 and 2022	200,000	200,000
Common stock of $2 par value per share: Authorized shares 360,000,000; Issued: 105,148,165 - 2023; 104,847,111 - 2022	210,296	209,694
Additional paid-in capital	512,040	493,488
Retained earnings	2,859,569	2,749,703
Accumulated other comprehensive income (loss) (Note 11)	(475,722)	(498,042)
Treasury stock, at cost (shares: 44,582,682 - 2023; 44,508,211 - 2022)	(634,791)	(627,279)
Total stockholders' equity	2,671,392	2,527,564
Commitments and contingencies
Total liabilities and stockholders' equity	$ 11,217,240	$ 10,802,261

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Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Net premiums earned	$ 942,150	$ 834,439	$ 1,844,486	$ 1,646,722
Net investment income earned	97,696	70,222	189,202	142,824
Net realized and unrealized investment gains (losses)	(5,426)	(42,880)	(2,082)	(83,232)
Other income	6,104	3,037	8,738	4,566
Total revenues	1,040,524	864,818	2,040,344	1,710,880
Expenses:
Loss and loss expense incurred	646,130	524,868	1,213,568	1,019,104
Amortization of deferred policy acquisition costs	194,793	173,381	384,554	343,138
Other insurance expenses	108,857	101,514	217,445	195,504
Interest expense	7,258	7,252	14,424	14,420
Corporate expenses	9,329	7,899	21,437	18,920
Total expenses	966,367	814,914	1,851,428	1,591,086
Income before federal income tax	74,157	49,904	188,916	119,794
Federal income tax expense:
Current	17,366	9,692	42,871	26,870
Deferred	(1,817)	692	(5,137)	(2,926)
Total federal income tax expense	15,549	10,384	37,734	23,944
Net income	58,608	39,520	151,182	95,850
Preferred stock dividends	2,300	2,300	4,600	4,600
Net income available to common stockholders	$ 56,308	$ 37,220	$ 146,582	$ 91,250
Earnings per common share (not in thousands):
Earnings per common share - net income available to common stockholders - Basic	$ 0.93	$ 0.62	$ 2.42	$ 1.51
Earnings per common share - net income available to common stockholders - Diluted	$ 0.92	$ 0.61	$ 2.41	$ 1.50

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Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net income	$ 58,608	$ 39,520	$ 151,182	$ 95,850
Unrealized holding gains (losses) arising during period	(47,937)	(176,093)	4,142	(382,941)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(4,764)	(57,427)	12,957	(125,857)
Amounts reclassified into net income: Held-to-maturity securities	0	0	0	1
Amounts reclassified into net income: Net realized (gains) losses on disposals and losses on intent-to-sell AFS securities	7,413	14,354	12,235	26,987
Amounts reclassified into net income: Credit loss (benefit) expense	(683)	12,261	(8,210)	29,682
Total unrealized gains (losses) on investment securities	(45,971)	(206,905)	21,124	(452,128)
Amount reclassified into net income: Net actuarial loss	598	330	1,196	659
Total defined benefit pension and post-retirement plans, Net	598	330	1,196	659
Other comprehensive income (loss)	(45,373)	(206,575)	22,320	(451,469)
Comprehensive income (loss)	$ 13,235	$ (167,055)	$ 173,502	$ (355,619)

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Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Additional paid-in capital [Member]	Retained Earnings [Member]	Accumulated other comprehensive income (loss) [Member]	Treasury stock [Member]
Preferred stock, shares outstanding	8,000
Beginning of period at Dec. 31, 2021		$ 200,000	$ 208,902	$ 464,347	$ 2,603,472	$ 115,099	$ (608,935)
Issuance of preferred stock		0
Dividend reinvestment plan			23	887
Stock purchase and compensation plans			581	16,146
Net income	$ 95,850				95,850
Dividends to preferred stockholders					(4,600)
Dividends to common stockholders					(34,138)
Other comprehensive income (loss)	(451,469)					(451,469)
Acquisition of treasury stock - share repurchase authorization							(6,492)
Acquisition of treasury stock - shares acquired related to employee-share based compensation plans							(5,583)
End of period at Jun. 30, 2022	$ 2,594,090	$ 200,000	209,506	481,380	2,660,584	(336,370)	(621,010)
Dividends declared per preferred share (in dollars per share)	$ 575.00
Dividends declared per common share (in dollars per share)	$ 0.56
Issuance of preferred stock, shares		0
Common stock, shares outstanding, beginning of period at Dec. 31, 2021	60,184,382
Dividend reinvestment plan, shares	11,505
Stock purchase and compensation plan, shares	290,687
Acquisition of treasury stock, share repurchase authorization, shares	(86,059)
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans, shares	(72,781)
Common stock, shares outstanding, end of period at Jun. 30, 2022	60,327,734
Preferred stock, shares outstanding	8,000
Beginning of period at Mar. 31, 2022		$ 200,000	209,336	472,790	2,640,437	(129,795)	(614,527)
Issuance of preferred stock		0
Dividend reinvestment plan			12	444
Stock purchase and compensation plans			158	8,146
Net income	$ 39,520				39,520
Dividends to preferred stockholders					(2,300)
Dividends to common stockholders					(17,073)
Other comprehensive income (loss)	(206,575)					(206,575)
Acquisition of treasury stock - share repurchase authorization							(6,416)
Acquisition of treasury stock - shares acquired related to employee-share based compensation plans							(67)
End of period at Jun. 30, 2022	$ 2,594,090	$ 200,000	209,506	481,380	2,660,584	(336,370)	(621,010)
Dividends declared per preferred share (in dollars per share)	$ 287.50
Dividends declared per common share (in dollars per share)	$ 0.28
Issuance of preferred stock, shares		0
Common stock, shares outstanding, beginning of period at Mar. 31, 2022	60,335,472
Dividend reinvestment plan, shares	5,864
Stock purchase and compensation plan, shares	72,245
Acquisition of treasury stock, share repurchase authorization, shares	(85,059)
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans, shares	(788)
Common stock, shares outstanding, end of period at Jun. 30, 2022	60,327,734
Preferred stock, shares outstanding	8,000
Preferred stock, shares outstanding	8,000
Beginning of period at Dec. 31, 2022	$ 2,527,564	$ 200,000	209,694	493,488	2,749,703	(498,042)	(627,279)
Issuance of preferred stock		0
Dividend reinvestment plan			19	908
Stock purchase and compensation plans			583	17,644
Net income	151,182				151,182
Dividends to preferred stockholders					(4,600)
Dividends to common stockholders					(36,716)
Other comprehensive income (loss)	22,320					22,320
Acquisition of treasury stock - share repurchase authorization							0
Acquisition of treasury stock - shares acquired related to employee-share based compensation plans							(7,512)
End of period at Jun. 30, 2023	$ 2,671,392	$ 200,000	210,296	512,040	2,859,569	(475,722)	(634,791)
Dividends declared per preferred share (in dollars per share)	$ 575.00
Dividends declared per common share (in dollars per share)	$ 0.60
Issuance of preferred stock, shares		0
Common stock, shares outstanding, beginning of period at Dec. 31, 2022	60,338,900
Dividend reinvestment plan, shares	9,315
Stock purchase and compensation plan, shares	291,739
Acquisition of treasury stock, share repurchase authorization, shares	0
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans, shares	(74,471)
Common stock, shares outstanding, end of period at Jun. 30, 2023	60,565,483
Preferred stock, shares outstanding	8,000
Beginning of period at Mar. 31, 2023		$ 200,000	210,149	502,713	2,821,613	(430,349)	(634,722)
Issuance of preferred stock		0
Dividend reinvestment plan			10	449
Stock purchase and compensation plans			137	8,878
Net income	$ 58,608				58,608
Dividends to preferred stockholders					(2,300)
Dividends to common stockholders					(18,352)
Other comprehensive income (loss)	(45,373)					(45,373)
Acquisition of treasury stock - share repurchase authorization							0
Acquisition of treasury stock - shares acquired related to employee-share based compensation plans							(69)
End of period at Jun. 30, 2023	$ 2,671,392	$ 200,000	$ 210,296	$ 512,040	$ 2,859,569	$ (475,722)	$ (634,791)
Dividends declared per preferred share (in dollars per share)	$ 287.50
Dividends declared per common share (in dollars per share)	$ 0.30
Issuance of preferred stock, shares		0
Common stock, shares outstanding, beginning of period at Mar. 31, 2023	60,492,586
Dividend reinvestment plan, shares	4,665
Stock purchase and compensation plan, shares	68,923
Acquisition of treasury stock, share repurchase authorization, shares	0
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans, shares	(691)
Common stock, shares outstanding, end of period at Jun. 30, 2023	60,565,483
Preferred stock, shares outstanding	8,000

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating Activities
Net income	$ 151,182	$ 95,850
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	17,179	21,998
Stock-based compensation expense	12,886	11,886
Undistributed gains of equity method investments	(13,478)	(12,890)
Distributions in excess of current year income of equity method investments	6,698	20,252
Net realized and unrealized (gains) losses	2,082	83,232
Loss (gain) on disposal of fixed assets	5	(1)
Changes in assets and liabilities:
Increase in reserve for loss and loss expense, net of reinsurance recoverable	168,221	169,114
Increase in unearned premiums, net of prepaid reinsurance	240,189	173,817
Decrease (increase) in net federal income taxes	1,006	(17,665)
Increase in premiums receivable	(200,807)	(172,231)
Increase in deferred policy acquisition costs	(45,189)	(32,464)
Increase in accrued investment income	(264)	(2,116)
Decrease in accrued salaries and benefits	(23,192)	(18,530)
Increase in other assets	(4,667)	(25,598)
Decrease in other liabilities	(18,205)	(51,171)
Net cash provided by (used in) operating activities	293,646	243,483
Investing Activities
Purchases of fixed income securities, held-to-maturity	0	(5,000)
Purchases of fixed income securities, available-for-sale	(1,562,206)	(1,478,298)
Purchases of commercial mortgage loans	(27,201)	(48,926)
Purchases of equity securities	(8,373)	(18,209)
Purchases of alternative investments and other investments	(21,161)	(32,179)
Purchases of short-term investments	(2,422,123)	(2,041,614)
Sales of fixed income securities, available-for-sale	959,248	705,039
Proceeds from commercial mortgage loans	968	7,504
Sales of short-term investments	2,543,683	2,200,624
Redemption and maturities of fixed income securities, held-to-maturity	7,481	1,684
Redemption and maturities of fixed income securities, available-for-sale	227,884	392,648
Sales of equity securities	51,763	85,162
Sales of other investments	892	2,156
Distributions from alternative investments and other investments	5,130	9,013
Purchases of property and equipment	(9,549)	(14,101)
Net cash provided by (used in) investing activities	(253,564)	(234,497)
Financing Activities
Dividends to preferred stockholders	(4,600)	(4,600)
Dividends to common stockholders	(35,385)	(32,886)
Acquisition of treasury stock	(7,512)	(12,075)
Net proceeds from stock purchase and compensation plans	4,695	4,280
Proceeds from borrowings	20,000	35,000
Repayments of borrowings	(20,000)	(35,000)
Repayments of finance lease obligations	(1,231)	(1,202)
Net cash provided by (used in) financing activities	(44,033)	(46,483)
Net increase (decrease) in cash and restricted cash	(3,951)	(37,497)
Cash and restricted cash, beginning of period	25,209	45,063
Cash and restricted cash, end of period	$ 21,258	$ 7,566

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Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Fixed income securities, held-to-maturity, fair value	$ 22,356	$ 29,837
Fixed income securities, available-for-sale, allowance for credit loss	31,425	45,721
Fixed income securities, available-for-sale, amortized cost	7,564,942	7,185,754
Commercial mortgage loans, fair value	163,068	139,243
Equity securities, cost	118,898	167,431
Property and equipment, accumulated depreciation and amortization	$ 262,013	$ 251,209
Preferred stock, shares outstanding	8,000	8,000
Preferred Stock [Member]
Preferred stock, par or stated value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	8,000	8,000
Preferred stock, shares outstanding	8,000	8,000
Preferred stock, liquidation preference (in dollars per share)	$ 25,000	$ 25,000
Common Stock [Member]
Common stock, par or stated value (in dollars per share)	$ 2	$ 2
Common stock, shares authorized	360,000,000	360,000,000
Common stock, shares issued	105,148,165	104,847,111
Treasury stock [Member]
Treasury stock, shares	44,582,682	44,508,211

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Basis of Presentation	6 Months Ended
	Jun. 30, 2023
Basis of Presentation And Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe words "Company,” “we,” “us,” or “our” refer to Selective Insurance Group, Inc. (the "Parent") and its subsidiaries, except as expressly indicated or the context requires otherwise. We have prepared our interim unaudited consolidated financial statements (“Financial Statements”) in conformity with (i) United States ("U.S.") generally accepted accounting principles (“GAAP”), and (ii) the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. These require management to make estimates and assumptions that affect the reported financial statement balances and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. All significant intercompany accounts and transactions are eliminated in consolidation.Our Financial Statements reflect all adjustments that, in our opinion, are normal, recurring, and necessary for a fair presentation of our results of operations and financial condition. Our Financial Statements cover the second quarters ended June 30, 2023 (“Second Quarter 2023”) and June 30, 2022 (“Second Quarter 2022”), and the six-month periods ended June 30, 2023 ("Six Months 2023") and June 30, 2022 ("Six Months 2022"). Our Financial Statements do not include all information and disclosures required by GAAP and the SEC for audited annual financial statements. Because interim period results of operations are not necessarily indicative of full-year results, our Financial Statements should be read in conjunction with the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2022 (“2022 Annual Report”) filed with the SEC.

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Accounting Pronouncements

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Accounting Pronouncements

Adoption of Accounting Pronouncements 

In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the market transition away from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. Companies can elect to adopt ASU 2020-04 as of the beginning of the interim period that includes March 2020, or any date thereafter through December 31, 2024, as permitted by the newly issued ASU 2022-06, Reference Rate Reform (Topic 848) — Deferral of the Sunset Date of Topic 848. We adopted this guidance in the first quarter of 2023. We are not required to measure the effect of adoption on our financial position, cash flows, or net income because the guidance provides relief from accounting for the effects of the change to a replacement rate.

Pronouncements to be effective in the future

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies that a contractual sales restriction on an equity security is not considered when determining the security's fair value. This ASU was issued to eliminate diversity in practice by clarifying that contractual arrangements restricting an entity's ability to sell the security for a certain period of time is a characteristic of the reporting entity and should not be contemplated when determining the security's fair value. ASU 2022-03 requires new disclosures that provide investors with information about the restriction, including the nature and remaining duration of the restriction. The ASU is effective for annual periods beginning after December 15, 2023, including interim periods within those annual periods. Early adoption is permitted. We are currently evaluating the impact of this guidance.

In March 2023, the FASB issued ASU 2023-02, Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method ("ASU 2023-02"). This ASU allows companies to elect to account for qualifying tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. Companies were previously permitted to apply the proportional amortization method only to qualifying tax equity investments in low-income-housing tax credit structures. ASU 2023-02 extends the application of the proportional amortization method to qualifying tax equity investments that generate tax credits through other programs. It also requires new disclosures that provide a better understanding of the nature of the tax equity investments and the effect the tax equity investments and related income tax credits and other income tax benefits have on a company's financial position and results of operations. The ASU is effective for annual periods beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted in any interim period. We are currently evaluating the impact of this guidance.

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Statements of Cash Flows

6 Months Ended

Jun. 30, 2023

Supplemental Cash Flow Information [Abstract]

Statements of Cash Flows

Statements of Cash Flows

Supplemental cash flow information was as follows:

	Six Months ended June 30,
($ in thousands)	2023		2022
Cash paid (received) during the period for:
Interest	$	14,164	14,240
Federal income tax	34,000		40,200
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	4,038		4,086
Operating cash flows from financing leases	20		20
Financing cash flows from finance leases	1,231		1,202
Non-cash items:
Corporate actions related to fixed income securities, available-for-sale ("AFS")1	23,150		17,287
Conversion of AFS fixed income securities to equity securities	—		1,463
Assets acquired under finance lease arrangements	—		41
Assets acquired under operating lease arrangements	4,509		5,781
Non-cash purchase of property and equipment	—		17

1Examples of corporate actions include like-kind exchanges, non-cash acquisitions, and stock splits.

The following table provides a reconciliation of cash and restricted cash reported within the Consolidated Balance Sheets that equate to the amount reported in the Consolidated Statements of Cash Flows:

($ in thousands)	June 30, 2023		December 31, 2022
Cash	$	354	26
Restricted cash	20,904		25,183
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows	$	21,258	25,209

Amounts in restricted cash represent cash received from the National Flood Insurance Program ("NFIP") that can only be used to pay flood claims under the Write Your Own program.

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Investments

6 Months Ended

Jun. 30, 2023

Investments [Abstract]

Investments

Investments

(a) Information regarding our AFS securities as of June 30, 2023 and December 31, 2022, were as follows:

June 30, 2023	Cost/ Amortized Cost		Allowance for Credit Losses	Unrealized Gains	Unrealized Losses	Fair Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies	$	313,965	—	—	(20,943)	293,022
Foreign government	11,171		(34)	—	(1,318)	9,819
Obligations of states and political subdivisions	694,734		(769)	1,607	(37,544)	658,028
Corporate securities	2,585,819		(16,149)	4,964	(189,664)	2,384,970
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS")	1,739,788		(2,915)	3,353	(105,957)	1,634,269
Residential mortgage-backed securities ("RMBS")	1,520,170		(11,550)	1,024	(101,809)	1,407,835
Commercial mortgage-backed securities ("CMBS")	699,295		(8)	162	(55,044)	644,405
Total AFS fixed income securities	$	7,564,942	(31,425)	11,110	(512,279)	7,032,348

December 31, 2022	Cost/ Amortized Cost		Allowance for Credit Losses	Unrealized Gains	Unrealized Losses	Fair Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies	$	209,528	—	37	(20,326)	189,239
Foreign government	11,199		(284)	—	(1,307)	9,608
Obligations of states and political subdivisions	965,231		(1,024)	1,812	(48,001)	918,018
Corporate securities	2,558,655		(30,330)	3,509	(196,809)	2,335,025
CLO and other ABS	1,607,660		(2,375)	2,408	(121,720)	1,485,973
RMBS	1,169,546		(11,597)	1,148	(99,265)	1,059,832
CMBS	663,935		(111)	348	(49,760)	614,412
Total AFS fixed income securities	$	7,185,754	(45,721)	9,262	(537,188)	6,612,107

The following tables provide a roll forward of the allowance for credit losses on our AFS fixed income securities for the indicated periods:

Quarter ended June 30, 2023	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	36	—	—	(2)	—	—	34
Obligations of states and political subdivisions	737		67	—	(35)	—	—	769
Corporate securities	16,756		1,438	—	(1,070)	(939)	(36)	16,149
CLO and other ABS	3,895		622	—	(1,595)	(7)	—	2,915
RMBS	11,740		1	—	(50)	(141)	—	11,550
CMBS	390		—	—	(240)	(142)	—	8
Total AFS fixed income securities	$	33,554	2,128	—	(2,992)	(1,229)	(36)	31,425

Quarter ended June 30, 2022	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	150	117	—	12	(14)	—	265
Obligations of states and political subdivisions	1,991		534	—	(1,166)	(153)	—	1,206
Corporate securities	23,066		8,323	—	5,732	(1,944)	(105)	35,072
CLO and other ABS	2,283		530	—	819	(9)	—	3,623
RMBS	10,029		173	—	507	(93)	—	10,616
CMBS	80		—	—	(62)	—	—	18
Total AFS fixed income securities	$	37,599	9,677	—	5,842	(2,213)	(105)	50,800

Six Months ended June 30, 2023	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	284	—	—	(250)	—	—	34
Obligations of states and political subdivisions	1,024		67	—	(239)	(83)	—	769
Corporate securities	30,330		4,141	—	(14,884)	(3,387)	(51)	16,149
CLO and other ABS	2,375		677	—	(127)	(10)	—	2,915
RMBS	11,597		8	—	174	(229)	—	11,550
CMBS	111		1	—	39	(143)	—	8
Total AFS fixed income securities	$	45,721	4,894	—	(15,287)	(3,852)	(51)	31,425

Six Months ended June 30, 2022	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	46	236	—	(3)	(14)	—	265
Obligations of states and political subdivisions	137		1,237	—	(4)	(164)	—	1,206
Corporate securities	6,682		28,243	—	4,542	(3,191)	(1,204)	35,072
CLO and other ABS	939		2,058	—	637	(11)	—	3,623
RMBS	1,909		174	8,318	443	(228)	—	10,616
CMBS	11		17	—	(10)	—	—	18
Total AFS fixed income securities	$	9,724	31,965	8,318	5,605	(3,608)	(1,204)	50,800

During Six Months 2023 and Six Months 2022, we had no write-offs or recoveries of our AFS fixed income securities.

For information on our methodology and significant inputs used to measure expected credit losses, our accounting policy for recognizing write-offs of uncollectible amounts, and our treatment of accrued interest, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2022 Annual Report. Accrued interest on AFS securities was $58.1 million as of June 30, 2023, and $56.4 million as of December 31, 2022. We did not record any (i) write-offs of accrued interest during Six Months 2023, or (ii) material write-offs of accrued interest in Six Months 2022.

(b) Quantitative information about unrealized losses on our AFS portfolio follows:

June 30, 2023	Less than 12 months			12 months or longer		Total
($ in thousands)	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
AFS fixed income securities:
U.S. government and government agencies	$	208,153	(2,831)	84,869	(18,112)	293,022	(20,943)
Foreign government	4,380		(247)	5,439	(1,071)	9,819	(1,318)
Obligations of states and political subdivisions	337,606		(5,554)	229,922	(31,990)	567,528	(37,544)
Corporate securities	1,101,756		(40,711)	895,497	(148,953)	1,997,253	(189,664)
CLO and other ABS	523,727		(17,268)	924,490	(88,689)	1,448,217	(105,957)
RMBS	792,885		(26,269)	538,073	(75,540)	1,330,958	(101,809)
CMBS	291,078		(12,882)	344,647	(42,162)	635,725	(55,044)
Total AFS fixed income securities	$	3,259,585	(105,762)	3,022,937	(406,517)	6,282,522	(512,279)

December 31, 2022	Less than 12 months			12 months or longer		Total
($ in thousands)	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
AFS fixed income securities:
U.S. government and government agencies	$	166,975	(13,658)	16,011	(6,668)	182,986	(20,326)
Foreign government	5,573		(608)	2,456	(699)	8,029	(1,307)
Obligations of states and political subdivisions	681,795		(43,767)	16,618	(4,234)	698,413	(48,001)
Corporate securities	1,889,492		(164,197)	133,223	(32,612)	2,022,715	(196,809)
CLO and other ABS	916,423		(69,155)	411,283	(52,565)	1,327,706	(121,720)
RMBS	887,229		(76,432)	108,041	(22,833)	995,270	(99,265)
CMBS	512,953		(37,815)	77,181	(11,945)	590,134	(49,760)
Total AFS fixed income securities	$	5,060,440	(405,632)	764,813	(131,556)	5,825,253	(537,188)

We currently do not intend to sell any of the securities summarized in the tables above, nor do we believe we will be required to sell any of them. The decrease in gross unrealized losses as of June 30, 2023, compared to December 31, 2022, was primarily driven by a tightening of credit spreads, partially offset by an increase in benchmark U.S. Treasury rates. Considering these factors and our review of these securities under our credit loss policy as described in Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2022 Annual Report, we have concluded that no additional allowance for credit loss is required on these balances beyond the allowance for credit loss recorded as of June 30, 2023. This conclusion reflects our current judgment about the financial position and future prospects of the entities that issued the investment security and underlying collateral.

(c) AFS and held-to-maturity ("HTM") fixed income securities at June 30, 2023, by contractual maturity are shown below. The maturities of RMBS, CMBS, CLO and other ABS securities were calculated using each security's estimated average life. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	AFS		HTM
($ in thousands)	Fair Value		Carrying Value	Fair Value
Due in one year or less	$	369,240	443	442
Due after one year through five years	3,056,529		13,942	13,233
Due after five years through 10 years	2,912,169		9,291	8,681
Due after 10 years	694,410		—	—
Total fixed income securities	$	7,032,348	23,676	22,356

(d) The following table summarizes our alternative investment portfolio by strategy:

	June 30, 2023				December 31, 2022
($ in thousands)	Carrying Value		Remaining Commitment	Maximum Exposure to Loss	Carrying Value	Remaining Commitment	Maximum Exposure to Loss
Alternative Investments
Private equity	$	298,219	124,213	422,432	280,980	134,676	415,656
Private credit	52,379		138,691	191,070	54,866	89,481	144,347
Real assets	38,575		19,553	58,128	35,470	21,945	57,415
Total alternative investments	$	389,173	282,457	671,630	371,316	246,102	617,418

We are contractually committed to make additional investments up to the remaining commitments stated above. We did not provide any non-contractual financial support during 2023 or 2022.

The following table shows gross summarized financial information for our alternative investments portfolio, including the portion we do not own. As the majority of these investments report results to us on a one quarter lag, the summarized financial statement information is for the 3- and 6-month periods ended March 31:

Income Statement Information	Quarter ended June 30,			Six Months ended June 30,
($ in millions)	2023		2022	2023		2022
Net investment income (loss)	$	(70.6)	270.9	$	(141.3)	406.5
Realized gains	922.0		6,233.5	2,644.3		8,981.5
Net change in unrealized appreciation (depreciation)	3,754.0		(3,962.4)	5,197.8		1,215.9
Net income	$	4,605.4	2,542.0	$	7,700.8	10,603.9
Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income	$	11.4	9.3	$	19.2	28.4

(e) We have pledged certain AFS fixed income securities as collateral related to our borrowing relationships with the Federal Home Loan Bank of Indianapolis ("FHLBI") and the Federal Home Loan Bank of New York ("FHLBNY"). In addition, we had certain securities on deposit with various state and regulatory agencies at June 30, 2023 to comply with insurance laws. We retain all rights regarding all securities pledged as collateral.

The following table summarizes the market value of these securities at June 30, 2023:

($ in millions)	FHLBI Collateral		FHLBNY Collateral	State and Regulatory Deposits	Total
U.S. government and government agencies	$	—	—	19.4	19.4
Obligations of states and political subdivisions	—		—	3.5	3.5
RMBS	62.1		26.9	—	89.0
CMBS	2.9		8.7	—	11.6
Total pledged as collateral	$	65.0	35.6	22.9	123.5

(f) We did not have exposure to any credit concentration risk of a single issuer greater than 10% of our stockholders' equity, other than to certain U.S. government agencies, as of June 30, 2023, or December 31, 2022.

(g) The components of pre-tax net investment income earned were as follows:

	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2023		2022	2023		2022
Fixed income securities	$	83,916	62,144	$	164,003	116,069
Commercial mortgage loans ("CMLs")	2,199		1,192	4,164		2,162
Equity securities	2,236		2,639	3,441		5,057
Short-term investments	2,892		407	7,542		508
Alternative investments	11,396		9,274	19,164		28,402
Other investments	188		(214)	231		(37)
Investment expenses	(5,131)		(5,220)	(9,343)		(9,337)
Net investment income earned	$	97,696	70,222	$	189,202	142,824

(h) The following table summarizes net realized and unrealized investment gains and losses for the periods indicated:

	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2023		2022	2023		2022
Gross gains on sales	$	1,156	14,552	$	4,940	16,749
Gross losses on sales	(11,952)		(19,345)	(24,882)		(32,905)
Net realized gains (losses) on disposals	(10,796)		(4,793)	(19,942)		(16,156)
Net unrealized gains (losses) on equity securities	4,925		(21,860)	8,173		(24,014)
Net credit loss benefit (expense) on fixed income securities, AFS	864		(15,519)	10,393		(37,571)
Net credit loss benefit (expense) on fixed income securities, HTM	—		(6)	—		8
Net credit loss (expense) on CMLs	(78)		—	(61)		—
Losses on securities for which we have the intent to sell	(341)		(702)	(645)		(5,499)
Net realized and unrealized investment gains (losses)	$	(5,426)	(42,880)	$	(2,082)	(83,232)

Net realized and unrealized investment losses decreased $37.5 million in Second Quarter 2023 and $81.2 million in Six Months 2023 compared to the same prior-year periods, primarily due to (i) a credit loss benefit recorded on our AFS fixed income securities portfolio in both current-year periods compared to credit loss expense recorded in both prior-year periods, and (ii) an increase in valuations reflecting the current public equities market. The credit loss benefit in both current-year periods reflected the tightening of credit spreads, partially offset by rising benchmark U.S. Treasury rates.

Net unrealized gains and losses recognized in income on equity securities, as reflected in the table above, included the following:

	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2023		2022	2023		2022
Unrealized gains (losses) recognized in income on equity securities:
On securities remaining in our portfolio at end of period	$	2,784	(13,031)	$	2,685	(14,843)
On securities sold in period	2,141		(8,829)	5,488		(9,171)
Total unrealized gains (losses) recognized in income on equity securities	$	4,925	(21,860)	$	8,173	(24,014)

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Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The financial assets in our investment portfolio are primarily measured at fair value as disclosed on the Consolidated Balance Sheets. The following table presents the carrying amounts and fair values of our financial liabilities as of June 30, 2023, and December 31, 2022:

	June 30, 2023			December 31, 2022
($ in thousands)	Carrying Amount		Fair Value	Carrying Amount	Fair Value
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	49,924	52,312	49,921	51,705
6.70% Senior Notes	99,553		102,386	99,542	99,264
5.375% Senior Notes	294,472		275,149	294,424	258,459
3.03% borrowings from FHLBI	60,000		57,011	60,000	57,175
Subtotal long-term debt	503,949		486,858	503,887	466,603
Unamortized debt issuance costs	(2,814)			(2,929)
Finance lease obligations	2,487			3,718
Total long-term debt	$	503,622		504,676

For discussion regarding the fair value techniques of our financial instruments, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2022 Annual Report.

The following tables provide quantitative disclosures of our financial assets that were measured and recorded at fair value at June 30, 2023, and December 31, 2022:

June 30, 2023			Fair Value Measurements Using
($ in thousands)	Assets  Measured at  Fair Value		Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1)	Significant Other  Observable Inputs  (Level 2)	Significant Unobservable  Inputs  (Level 3)
Description
Measured on a recurring basis:
AFS fixed income securities:
U.S. government and government agencies	$	293,022	145,044	147,978	—
Foreign government	9,819		—	9,819	—
Obligations of states and political subdivisions	658,028		—	651,312	6,716
Corporate securities	2,384,970		—	2,139,481	245,489
CLO and other ABS	1,634,269		—	1,432,343	201,926
RMBS	1,407,835		—	1,407,835	—
CMBS	644,405		—	644,028	377
Total AFS fixed income securities	7,032,348		145,044	6,432,796	454,508
Equity securities:
Common stock1	119,867		21,304	—	662
Preferred stock	1,773		1,773	—	—
Total equity securities	121,640		23,077	—	662
Short-term investments	319,456		315,574	3,882	—
Total assets measured at fair value	$	7,473,444	483,695	6,436,678	455,170

December 31, 2022			Fair Value Measurements Using
($ in thousands)	Assets  Measured at  Fair Value		Quoted Prices in  Active Markets for Identical Assets/Liabilities (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs  (Level 3)
Description
Measured on a recurring basis:
AFS fixed income securities:
U.S. government and government agencies	$	189,239	109,240	79,999	—
Foreign government	9,608		—	9,608	—
Obligations of states and political subdivisions	918,018		—	911,357	6,661
Corporate securities	2,335,025		—	2,147,045	187,980
CLO and other ABS	1,485,973		—	1,332,631	153,342
RMBS	1,059,832		—	1,059,832	—
CMBS	614,412		—	614,037	375
Total AFS fixed income securities	6,612,107		109,240	6,154,509	348,358
Equity securities:
Common stock1	160,355		55,846	—	897
Preferred stock	1,645		1,645	—	—
Total equity securities	162,000		57,491	—	897
Short-term investments	440,456		418,199	22,257	—
Total assets measured at fair value	$	7,214,563	584,930	6,176,766	349,255

1Investments amounting to $97.9 million at June 30, 2023, and $103.6 million at December 31, 2022, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are not redeemable and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value.

The following tables provide a summary of Level 3 changes in Six Months 2023 and Six Months 2022:

June 30, 2023
($ in thousands)	Obligations of States and Political Subdivisions		Corporate Securities	CLO and Other ABS	CMBS	Common Stock	Total
Fair value, December 31, 2022	$	6,661	187,980	153,342	375	897	349,255
Total net gains (losses) for the period included in:
Other comprehensive income (loss) ("OCI")	(7)		1,857	(1,168)	64	—	746
Net realized and unrealized gains (losses)	62		251	17	—	(235)	95
Net investment income earned	—		112	(20)	(263)	—	(171)
Purchases	—		58,586	39,713	—	—	98,299
Sales	—		—	—	—	—	—
Issuances	—		—	—	—	—	—
Settlements	—		(5,535)	(3,153)	(21)	—	(8,709)
Transfers into Level 3	—		2,238	14,148	2,848	—	19,234
Transfers out of Level 3	—		—	(953)	(2,626)	—	(3,579)
Fair value, June 30, 2023	$	6,716	245,489	201,926	377	662	455,170
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	62		251	17	—	(235)	95
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	(7)		1,846	(1,168)	64	—	735

June 30, 2022
($ in thousands)	Obligation of state and Political Subdivisions		Corporate Securities	CLO and Other ABS	RMBS	CMBS	Total
Fair value, December 31, 2021	$	7,745	114,127	124,909	245	4,256	251,282
Total net gains (losses) for the period included in:
OCI	(581)		(16,422)	(8,592)	(17)	(446)	(26,058)
Net realized and unrealized gains (losses)	(156)		(2,047)	(777)	—	(7)	(2,987)
Net investment income earned	—		14	68	—	47	129
Purchases	—		55,343	39,133	—	—	94,476
Sales	—		—	—	—	—	—
Issuances	—		—	—	—	—	—
Settlements	—		(3,903)	(6,479)	(11)	(12)	(10,405)
Transfers into Level 3	—		19,214	—	—	—	19,214
Transfers out of Level 3	—		(7,037)	(24,646)	(217)	(3,431)	(35,331)
Fair value, June 30, 2022	$	7,008	159,289	123,616	—	407	290,320
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	(156)		(2,047)	(777)	—	(7)	(2,987)
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	(581)		(16,424)	(8,551)	(17)	(446)	(26,019)

The following tables present quantitative information about the significant unobservable inputs used in the fair value measurements of Level 3 assets at June 30, 2023, and December 31, 2022:

June 30, 2023
($ in thousands)	Assets Measured at Fair Value		Valuation Techniques	Unobservable Inputs	Range	Weighted Average
Internal valuations:
Corporate securities	$	116,155	Discounted Cash Flow	Illiquidity Spread	(4.4)% - 5.3%	2.2%
CLO and other ABS	90,768		Discounted Cash Flow	Illiquidity Spread	0.01% - 19.6%	2.6%
Total internal valuations	206,923
Other1	248,247
Total Level 3 securities	$	455,170

December 31, 2022
($ in thousands)	Assets Measured at Fair Value		Valuation Techniques	Unobservable Inputs	Range	Weighted Average
Internal valuations:
Corporate securities	$	81,867	Discounted Cash Flow	Illiquidity Spread	(4.4)% - 5.3%	1.3%
CLO and other ABS	59,452		Discounted Cash Flow	Illiquidity Spread	0.01% - 19.6%	2.5%
Total internal valuations	141,319
Other1	207,936
Total Level 3 securities	$	349,255

1Other is comprised of broker quotes or other third-party pricing for which there is a lack of transparency into the inputs used to develop the valuations. The quantitative details of these unobservable inputs are neither provided to us, nor reasonably available to us, and therefore are not included in the tables above.

For the securities in the tables above valued using a discounted cash flow analysis, we apply an illiquidity spread in our determination of fair value. An increase in this assumption would result in a lower fair value measurement.

The following tables provide quantitative information about our financial assets and liabilities that were not measured at fair value, but were disclosed as such at June 30, 2023, and December 31, 2022:

June 30, 2023			Fair Value Measurements Using
($ in thousands)	Assets/ Liabilities Disclosed at Fair Value		Quoted Prices in  Active Markets for  Identical Assets/ Liabilities (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial Assets
HTM:
Corporate securities	$	22,356	—	22,356	—
Total HTM fixed income securities	22,356		—	22,356	—
CMLs	$	163,068	—	—	163,068
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	52,312	—	52,312	—
6.70% Senior Notes	102,386		—	102,386	—
5.375% Senior Notes	275,149		—	275,149	—
3.03% borrowings from FHLBI	57,011		—	57,011	—
Total long-term debt	$	486,858	—	486,858	—

December 31, 2022			Fair Value Measurements Using
($ in thousands)	Assets/ Liabilities Disclosed at Fair Value		Quoted Prices in  Active Markets for  Identical Assets/ Liabilities (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial Assets
HTM:
Obligations of states and political subdivisions	$	3,405	—	3,405	—
Corporate securities	26,432		—	26,432	—
Total HTM fixed income securities	$	29,837	—	29,837	—
CMLs	$	139,243	—	—	139,243
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	51,705	—	51,705	—
6.70% Senior Notes	99,264		—	99,264	—
5.375% Senior Notes	258,459		—	258,459	—
3.03% borrowings from FHLBI	57,175		—	57,175	—
Total long-term debt	$	466,603	—	466,603	—

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Allowance for Credit Losses on Premiums Receivable (Notes)

6 Months Ended

Jun. 30, 2023

Premiums Receivable Disclosure [Abstract]

Premiums Receivable Note [Text Block]

Premiums Receivable

The following table provides a roll forward of the allowance for credit losses on our premiums receivable balance for the indicated periods:

	Quarter ended June 30,				Six Months ended June 30,
($ in thousands)	2023		2022		2023		2022
Balance at beginning of period	$	17,100	$	14,300	$	16,100	$	13,600
Current period change for expected credit losses	1,515		1,169		3,425		2,085
Write-offs charged against the allowance for credit losses	(1,047)		(918)		(2,211)		(1,438)
Recoveries	332		349		586		653
Allowance for credit losses, end of period	$	17,900	$	14,900	$	17,900	$	14,900

For a discussion of the methodology used to evaluate our estimate of expected credit losses on premiums receivable, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2022 Annual Report.

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Reinsurance

6 Months Ended

Jun. 30, 2023

Reinsurance Disclosures [Abstract]

Reinsurance

Reinsurance

We evaluate and monitor the financial condition of our reinsurers under voluntary reinsurance arrangements to minimize our exposure to significant losses from reinsurer insolvencies. The following tables provide (i) a disaggregation of our reinsurance recoverable balance by financial strength rating, and (ii) an aging analysis of our past due reinsurance recoverable balances as of June 30, 2023, and December 31, 2022:

	June 30, 2023
($ in thousands)	Current		Past Due		Total Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++	$	80,117	$	888	$	81,005
A+	347,802		5,367		353,169
A	117,592		5,316		122,908
A-	3,599		89		3,688
Total rated reinsurers	$	549,110	$	11,660	$	560,770
Non-rated reinsurers
Federal and state pools	$	80,629	$	—	$	80,629
Other than federal and state pools	6,717		475		7,192
Total non-rated reinsurers	$	87,346	$	475	$	87,821
Total reinsurance recoverable, gross	$	636,456	$	12,135	$	648,591
Less: allowance for credit losses					(1,800)
Total reinsurance recoverable, net					$	646,791

	December 31, 2022
($ in thousands)	Current		Past Due		Total Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++	$	46,282	$	1	$	46,283
A+	425,395		3,191		428,586
A	106,102		1,315		107,417
A-	7,148		89		7,237
Total rated reinsurers	$	584,927	$	4,596	$	589,523
Non-rated reinsurers
Federal and state pools	$	180,794	$	—	$	180,794
Other than federal and state pools	13,678		415		14,093
Total non-rated reinsurers	$	194,472	$	415	$	194,887
Total reinsurance recoverable, gross	$	779,399	$	5,011	$	784,410
Less: allowance for credit losses					(1,600)
Total reinsurance recoverable, net					$	782,810

The $100.2 million decrease in "Federal and state pools" as of June 30, 2023, compared to December 31, 2022, was primarily

due to a decrease in the NFIP reserves recorded as of December 31, 2022, for flood losses in Florida and surrounding states as a result of Hurricane Ian, which are 100% ceded to the NFIP.

The following table provides a roll forward of the allowance for credit losses on our reinsurance recoverable balance for the periods indicated:

($ in thousands)	Quarter ended June 30,			Six Months ended June 30,
	2023		2022	2023		2022
Balance at beginning of period	$	2,300	1,600	$	1,600	1,600
Current period change for expected credit losses	(500)		—	200		—
Write-offs charged against the allowance for credit losses	—		—	—		—
Recoveries	—		—	—		—
Allowance for credit losses, end of period	$	1,800	1,600	$	1,800	1,600

For a discussion of the methodology used to evaluate our estimate of expected credit losses on our reinsurance recoverable balance, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2022 Annual Report.

The following table lists direct, assumed, and ceded reinsurance amounts for premiums written, premiums earned, and loss and loss expense incurred for the indicated periods. For more information about reinsurance, refer to Note 9. “Reinsurance” in Item 8. “Financial Statements and Supplementary Data.” of our 2022 Annual Report.

	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2023		2022	2023		2022
Premiums written:
Direct	$	1,232,496	1,050,506	$	2,365,256	2,051,555
Assumed	5,577		8,552	10,971		13,866
Ceded	(153,166)		(128,317)	(291,552)		(244,882)
Net	$	1,084,907	930,741	$	2,084,675	1,820,539
Premiums earned:
Direct	$	1,073,498	955,651	$	2,105,726	1,887,027
Assumed	5,968		7,481	12,258		13,009
Ceded	(137,316)		(128,693)	(273,498)		(253,314)
Net	$	942,150	834,439	$	1,844,486	1,646,722
Loss and loss expenses incurred:
Direct	$	698,994	559,913	$	1,312,223	1,088,501
Assumed	5,678		5,125	10,933		9,403
Ceded	(58,542)		(40,170)	(109,588)		(78,800)
Net	$	646,130	524,868	$	1,213,568	1,019,104

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Reserve for Loss and Loss Expense

6 Months Ended

Jun. 30, 2023

Insurance Loss Reserves [Abstract]

Reserve for Loss and Loss Expense

Reserve for Loss and Loss Expense

The table below provides a roll forward of the reserve for loss and loss expense for beginning and ending reserve balances:

	Six Months ended June 30,
($ in thousands)	2023		2022
Gross reserve for loss and loss expense, at beginning of period	$	5,144,821	4,580,903
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period	757,513		578,641
Net reserve for loss and loss expense, at beginning of period	4,387,308		4,002,262
Incurred loss and loss expense for claims occurring in the:
Current year	1,221,635		1,041,778
Prior years	(8,067)		(22,674)
Total incurred loss and loss expense	1,213,568		1,019,104
Paid loss and loss expense for claims occurring in the:
Current year	320,026		272,401
Prior years	720,314		570,868
Total paid loss and loss expense	1,040,340		843,269
Net reserve for loss and loss expense, at end of period	4,560,536		4,178,097
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period	616,487		544,082
Gross reserve for loss and loss expense, at end of period	$	5,177,023	4,722,179

Prior year reserve development in Six Months 2023 was favorable by $8.1 million, consisting of $16.5 million of favorable casualty reserve development, partially offset by $8.4 million of unfavorable property reserve development. The favorable casualty reserve development included $17.5 million in our workers compensation line of business and $5.0 million in our Excess and Surplus ("E&S") casualty lines of business, partially offset by $6.0 million of unfavorable casualty reserve development in our personal automobile line of business.

Prior year reserve development in Six Months 2022 was favorable by $22.7 million, consisting of $32.0 million of favorable casualty reserve development, partially offset by $9.3 million of unfavorable property reserve development. The favorable casualty reserve development included $20.0 million in our workers compensation line of business, $7.0 million in our bonds line of business, and $5.0 million in our general liability line of business.

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Segment Information

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Information

Segment Information

We evaluate the results of our four reportable segments as follows:

•Our Standard Commercial Lines, Standard Personal Lines, and E&S Lines are evaluated on (i) before and after-tax underwriting results (net premiums earned, incurred loss and loss expense, policyholder dividends, policy acquisition costs, and other underwriting expenses), (ii) their return on equity ("ROE") contribution, and (iii) their combined ratios.

•Our Investments segment is primarily evaluated on after-tax net investment income and its ROE contribution. After-tax net realized and unrealized gains and losses are also included in our Investments segment results.

In computing each segment's results, we do not make adjustments for interest expense or corporate expenses. No segment has a separate investment portfolio or allocated assets.

The following summaries present revenues (net investment income and net realized and unrealized gains and losses on investments in the case of the Investments segment) and pre-tax income for the individual segments:

Revenue by Segment	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2023		2022	2023		2022
Standard Commercial Lines:
Net premiums earned:
General liability	$	254,510	226,285	$	497,859	442,610
Commercial automobile	225,067		198,381	442,438		392,211
Commercial property	141,348		123,562	276,640		243,624
Workers compensation	88,746		83,502	172,930		168,182
Businessowners' policies	34,385		31,508	67,556		61,552
Bonds	11,619		10,682	23,016		21,042
Other	7,034		6,317	13,885		12,485
Miscellaneous income	5,568		2,596	7,749		3,697
Total Standard Commercial Lines revenue	768,277		682,833	1,502,073		1,345,403
Standard Personal Lines:
Net premiums earned:
Personal automobile	48,230		39,952	93,144		79,668
Homeowners	36,902		31,630	71,915		62,817
Other	2,038		1,756	3,981		3,495
Miscellaneous income	536		441	989		869
Total Standard Personal Lines revenue	87,706		73,779	170,029		146,849
E&S Lines:
Net premiums earned:
Casualty lines	62,151		56,041	122,968		110,665
Property lines	30,120		24,823	58,154		48,371
Total E&S Lines revenue	92,271		80,864	181,122		159,036
Investments:
Net investment income earned	97,696		70,222	189,202		142,824
Net realized and unrealized investment gains (losses)	(5,426)		(42,880)	(2,082)		(83,232)
Total Investments revenue	92,270		27,342	187,120		59,592
Total revenues	$	1,040,524	864,818	$	2,040,344	1,710,880

Income Before and After Federal Income Tax	Quarter ended June 30,				Six Months ended June 30,
($ in thousands)	2023			2022	2023		2022
Standard Commercial Lines:
Underwriting income (loss), before federal income tax	$	22,146		46,708	$	61,067	89,092
Underwriting income (loss), after federal income tax	17,495			36,899	48,243		70,383
Combined ratio	97.1		%	93.1	95.9		93.4
ROE contribution	2.8			6.0	4.1		5.5
Standard Personal Lines:
Underwriting income (loss), before federal income tax	$	(23,060)		(12,367)	$	(36,133)	(5,847)
Underwriting income (loss), after federal income tax	(18,217)			(9,770)	(28,545)		(4,619)
Combined ratio	126.5		%	116.9	121.4		104.0
ROE contribution	(2.9)			(1.6)	(2.4)		(0.4)
E&S Lines:
Underwriting income (loss), before federal income tax	$	(612)		3,372	$	12,723	10,297
Underwriting income (loss), after federal income tax	(483)			2,664	10,051		8,135
Combined ratio	100.7		%	95.8	93.0		93.5
ROE contribution	(0.1)			0.4	0.8		0.6
Investments:
Net investment income earned	$	97,696		70,222	$	189,202	142,824
Net realized and unrealized investment gains (losses)	(5,426)			(42,880)	(2,082)		(83,232)
Total investments segment income, before federal income tax	92,270			27,342	187,120		59,592
Tax on investments segment income	18,745			4,559	37,901		10,172
Total investments segment income, after federal income tax	$	73,525		22,783	$	149,219	49,420
ROE contribution of after-tax net investment income earned	12.6			9.1	12.5		8.9

Reconciliation of Segment Results to Income Before Federal Income Tax	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2023		2022	2023		2022
Underwriting income
Standard Commercial Lines	$	22,146	46,708	$	61,067	89,092
Standard Personal Lines	(23,060)		(12,367)	(36,133)		(5,847)
E&S Lines	(612)		3,372	12,723		10,297
Investment income	92,270		27,342	187,120		59,592
Total all segments	90,744		65,055	224,777		153,134
Interest expense	(7,258)		(7,252)	(14,424)		(14,420)
Corporate expenses	(9,329)		(7,899)	(21,437)		(18,920)
Income, before federal income tax	$	74,157	49,904	$	188,916	119,794
Preferred stock dividends	(2,300)		(2,300)	(4,600)		(4,600)
Income available to common stockholders, before federal income tax	$	71,857	47,604	$	184,316	115,194

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Retirement Plans

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Retirement Plans

Retirement Plans

The primary pension plan for our employees is the Retirement Income Plan for Selective Insurance Company of America (the “Pension Plan”). The plan is closed to new entrants, and benefits ceased accruing under the Pension Plan after March 31, 2016. For more information about Selective Insurance Company of America's ("SICA") retirement plans, see Note 15. “Retirement Plans” in Item 8. “Financial Statements and Supplementary Data.” of our 2022 Annual Report.

The following tables provide information about the Pension Plan:

	Pension Plan
	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2023		2022	2023		2022
Net Periodic Pension Cost (Benefit):
Interest cost	$	3,866	2,486	$	7,732	4,972
Expected return on plan assets	(5,772)		(5,537)	(11,545)		(11,074)
Amortization of unrecognized net actuarial loss	750		367	1,501		733
Total net periodic pension cost (benefit)1	$	(1,156)	(2,684)	$	(2,312)	(5,369)

1The components of net periodic pension cost (benefit) are included within "Loss and loss expense incurred" and "Other insurance expenses" on the Consolidated Statements of Income.

	Pension Plan
	Six Months ended June 30,
	2023		2022
Weighted-Average Expense Assumptions:
Discount rate	5.21	%	2.98	%
Effective interest rate for calculation of interest cost	5.09		2.48
Expected return on plan assets	6.90		5.00

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Comprehensive Income

6 Months Ended

Jun. 30, 2023

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Comprehensive Income

Comprehensive Income

The components of comprehensive income, both gross and net of tax, for Second Quarter 2023 and Six Months 2023 and Second Quarter 2022 and Six Months 2022 were as follows:

Second Quarter 2023
($ in thousands)	Gross		Tax	Net
Net income	$	74,157	15,549	58,608
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(60,681)		(12,744)	(47,937)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(6,030)		(1,266)	(4,764)
Amounts reclassified into net income:
Net realized (gains) losses on disposals and intent-to-sell AFS securities	9,383		1,970	7,413
Credit loss (benefit) expense	(864)		(181)	(683)
Total unrealized gains (losses) on investment securities	(58,192)		(12,221)	(45,971)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial (gain) loss	757		159	598
Total defined benefit pension and post-retirement plans	757		159	598
Other comprehensive income (loss)	(57,435)		(12,062)	(45,373)
Comprehensive income (loss)	$	16,722	3,487	13,235
Second Quarter 2022
($ in thousands)	Gross		Tax	Net
Net income	$	49,904	10,384	39,520
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(222,903)		(46,810)	(176,093)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(72,691)		(15,264)	(57,427)
Amounts reclassified into net income:
Net realized (gains) losses on disposals and intent-to-sell AFS securities	18,170		3,816	14,354
Credit loss (benefit) expense	15,519		3,258	12,261
Total unrealized gains (losses) on investment securities	(261,905)		(55,000)	(206,905)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial (gain) loss	417		87	330
Total defined benefit pension and post-retirement plans	417		87	330
Other comprehensive income (loss)	(261,488)		(54,913)	(206,575)
Comprehensive income (loss)	$	(211,584)	(44,529)	(167,055)

Six Months 2023
($ in thousands)	Gross		Tax	Net
Net income	$	188,916	37,734	151,182
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	5,244		1,102	4,142
Unrealized gains (losses) on securities with credit loss recognized in earnings	16,401		3,444	12,957
Amounts reclassified into net income:
Net realized (gains) losses on disposals and intent-to-sell AFS securities	15,487		3,252	12,235
Credit loss (benefit) expense	(10,393)		(2,183)	(8,210)
Total unrealized gains (losses) on investment securities	26,739		5,615	21,124
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial (gain) loss	1,514		318	1,196
Total defined benefit pension and post-retirement plans	1,514		318	1,196
Other comprehensive income (loss)	28,253		5,933	22,320
Comprehensive income (loss)	$	217,169	43,667	173,502
Six Months 2022
($ in thousands)	Gross		Tax	Net
Net income	$	119,794	23,944	95,850
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(484,735)		(101,794)	(382,941)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(159,312)		(33,455)	(125,857)
Amounts reclassified into net income:
HTM securities	1		—	1
Net realized (gains) losses on disposals and intent-to-sell AFS securities	34,161		7,174	26,987
Credit loss (benefit) expense	37,571		7,889	29,682
Total unrealized gains (losses) on investment securities	(572,314)		(120,186)	(452,128)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial (gain) loss	834		175	659
Total defined benefit pension and post-retirement plans	834		175	659
Other comprehensive income (loss)	(571,480)		(120,011)	(451,469)
Comprehensive income (loss)	$	(451,686)	(96,067)	(355,619)

The balances of, and changes in, each component of accumulated other comprehensive income ("AOCI") (net of taxes) as of June 30, 2023, were as follows:

June 30, 2023	Net Unrealized Gains (Losses) on Investment Securities				Defined Benefit Pension and Post-Retirement Plans	Total AOCI
($ in thousands)	Credit Loss Related1		All Other	Investments Subtotal
Balance, December 31, 2022	$	(121,838)	(295,197)	(417,035)	(81,007)	(498,042)
OCI before reclassifications	12,957		4,142	17,099	—	17,099
Amounts reclassified from AOCI	(8,210)		12,235	4,025	1,196	5,221
Net current period OCI	4,747		16,377	21,124	1,196	22,320
Balance, June 30, 2023	$	(117,091)	(278,820)	(395,911)	(79,811)	(475,722)

1Represents change in unrealized gains (losses) on securities with credit loss recognized in earnings.

The reclassifications out of AOCI were as follows:

	Quarter ended June 30,			Six Months ended June 30,			Affected Line Item in the Unaudited Consolidated Statements of Income
($ in thousands)	2023		2022	2023		2022
HTM related
Unrealized (gains) losses on HTM disposals	$	—	—	$	—	—	Net realized and unrealized investment gains (losses)
Amortization of net unrealized losses (gains) on HTM securities	—		—	—		1	Net investment income earned
	—		—	—		1	Income before federal income tax
	—		—	—		—	Total federal income tax expense
	—		—	—		1	Net income
Net realized (gains) losses on disposals and intent-to-sell AFS securities
Net realized (gains) losses on disposals and intent-to-sell AFS securities	9,383		18,170	15,487		34,161	Net realized and unrealized investment gains (losses)
	9,383		18,170	15,487		34,161	Income before federal income tax
	(1,970)		(3,816)	(3,252)		(7,174)	Total federal income tax expense
	7,413		14,354	12,235		26,987	Net income
Credit loss related
Credit loss (benefit) expense	(864)		15,519	(10,393)		37,571	Net realized and unrealized investment gains (losses)
	(864)		15,519	(10,393)		37,571	Income before federal income tax
	181		(3,258)	2,183		(7,889)	Total federal income tax expense
	(683)		12,261	(8,210)		29,682	Net income
Defined benefit pension and post-retirement life plans
Net actuarial loss	173		84	348		180	Loss and loss expense incurred
	584		333	1,166		654	Other insurance expenses
Total defined benefit pension and post-retirement life	757		417	1,514		834	Income before federal income tax
	(159)		(87)	(318)		(175)	Total federal income tax expense
	598		330	1,196		659	Net income
Total reclassifications for the period	$	7,328	26,945	$	5,221	57,329	Net income

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Earnings Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Earnings per Common Share

The following table presents the calculations of earnings per common share ("EPS") on a basic and diluted basis:

	Quarter ended June 30,			Six Months ended June 30,
(in thousands, except per share amounts)	2023		2022	2023	2022
Net income available to common stockholders:	$	56,308	37,220	146,582	91,250
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic	60,614		60,440	60,575	60,412
Effect of dilutive securities - stock compensation plans	323		407	343	416
Weighted average common shares outstanding - diluted	60,937		60,847	60,918	60,828
EPS:
Basic	$	0.93	0.62	2.42	1.51
Diluted	0.92		0.61	2.41	1.50

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Litigation

6 Months Ended

Jun. 30, 2023

Loss Contingency, Information about Litigation Matters [Abstract]

Litigation

Litigation

As of June 30, 2023, we do not believe we are involved in any legal action that could have a material adverse effect on our consolidated financial condition, results of operations, or cash flows.

In the ordinary course of conducting business, we are parties in various legal actions. Most are claims litigation involving our ten insurance subsidiaries (collectively referred to as "Insurance Subsidiaries") as (i) liability insurers defending or providing indemnity for third-party claims brought against our customers, (ii) insurers defending first-party coverage claims brought against them, or (iii) liability insurers seeking declaratory judgment on our insurance coverage obligations. We account for such activity by establishing unpaid loss and loss expense reserves. Considering potential losses and defense costs reserves, we expect that any potential ultimate liability for ordinary course claims litigation will not be material to our consolidated financial

condition, results of operations, or cash flows.

All our commercial property and businessowners' policies require direct physical loss of or damage to property by a covered cause of loss. All our standard lines commercial property and businessowners' policies also include or attach an exclusion that states all loss or property damage caused by or resulting from any virus, bacterium, or other microorganism that induces or is capable of inducing physical distress, illness, or disease is not a covered cause of loss ("Virus Exclusion"). Whether COVID-19-related contamination, the existence of the COVID-19 pandemic, and the resulting COVID-19-related government shutdown orders cause physical loss of or damage to property is the subject of much public debate and first-party coverage litigation against some insurers, including us. The Virus Exclusion is also the subject of first-party coverage litigation against some insurers, including us. To date, insurers (including us) have prevailed in the majority of these suits, with most decisions holding that COVID-19 does not cause physical loss of or damage to property and the Virus Exclusion is valid. Nonetheless, these two matters continue to be litigated in trial courts, are subject to review by state and federal appellate courts, and their ultimate outcome cannot be assured.

From time to time, our Insurance Subsidiaries also are named as defendants in other legal actions, some asserting claims for substantial amounts. Plaintiffs may style these actions as class actions and seek judicial certification of a state or national class for allegations involving our business practices, such as improper medical provider reimbursement under workers compensation and personal and commercial automobile insurance policies or improper reimbursement for automobile parts. Similarly, our Insurance Subsidiaries can be named defendants in individual actions seeking extra-contractual damages, punitive damages, or penalties, often alleging bad faith in handling insurance claims. We believe that we have valid defenses to these allegations, and we account for such activity by establishing unpaid loss and loss expense reserves. Considering estimated losses and defense costs reserves, we expect that any potential ultimate liability for these other legal actions will not be material to our consolidated financial condition. As litigation outcomes are inherently unpredictable and the amounts sought in certain actions are large or indeterminate, adverse outcomes could potentially have a material adverse effect on our consolidated results of operations or cash flows in particular quarterly or annual periods.

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Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements [Abstract]
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false

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Statements of Cash Flows (Tables)

6 Months Ended

Jun. 30, 2023

Supplemental Cash Flow Information [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

	Six Months ended June 30,
($ in thousands)	2023		2022
Cash paid (received) during the period for:
Interest	$	14,164	14,240
Federal income tax	34,000		40,200
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	4,038		4,086
Operating cash flows from financing leases	20		20
Financing cash flows from finance leases	1,231		1,202
Non-cash items:
Corporate actions related to fixed income securities, available-for-sale ("AFS")1	23,150		17,287
Conversion of AFS fixed income securities to equity securities	—		1,463
Assets acquired under finance lease arrangements	—		41
Assets acquired under operating lease arrangements	4,509		5,781
Non-cash purchase of property and equipment	—		17

1Examples of corporate actions include like-kind exchanges, non-cash acquisitions, and stock splits.

Schedule of Cash and Restricted Cash

($ in thousands)	June 30, 2023		December 31, 2022
Cash	$	354	26
Restricted cash	20,904		25,183
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows	$	21,258	25,209

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Investments (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Investments [Line Items]

Schedule of Available-for-sale Securities

June 30, 2023	Cost/ Amortized Cost		Allowance for Credit Losses	Unrealized Gains	Unrealized Losses	Fair Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies	$	313,965	—	—	(20,943)	293,022
Foreign government	11,171		(34)	—	(1,318)	9,819
Obligations of states and political subdivisions	694,734		(769)	1,607	(37,544)	658,028
Corporate securities	2,585,819		(16,149)	4,964	(189,664)	2,384,970
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS")	1,739,788		(2,915)	3,353	(105,957)	1,634,269
Residential mortgage-backed securities ("RMBS")	1,520,170		(11,550)	1,024	(101,809)	1,407,835
Commercial mortgage-backed securities ("CMBS")	699,295		(8)	162	(55,044)	644,405
Total AFS fixed income securities	$	7,564,942	(31,425)	11,110	(512,279)	7,032,348

December 31, 2022	Cost/ Amortized Cost		Allowance for Credit Losses	Unrealized Gains	Unrealized Losses	Fair Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies	$	209,528	—	37	(20,326)	189,239
Foreign government	11,199		(284)	—	(1,307)	9,608
Obligations of states and political subdivisions	965,231		(1,024)	1,812	(48,001)	918,018
Corporate securities	2,558,655		(30,330)	3,509	(196,809)	2,335,025
CLO and other ABS	1,607,660		(2,375)	2,408	(121,720)	1,485,973
RMBS	1,169,546		(11,597)	1,148	(99,265)	1,059,832
CMBS	663,935		(111)	348	(49,760)	614,412
Total AFS fixed income securities	$	7,185,754	(45,721)	9,262	(537,188)	6,612,107

Debt Securities, Available-for-sale, Allowance for Credit Loss

Quarter ended June 30, 2023	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	36	—	—	(2)	—	—	34
Obligations of states and political subdivisions	737		67	—	(35)	—	—	769
Corporate securities	16,756		1,438	—	(1,070)	(939)	(36)	16,149
CLO and other ABS	3,895		622	—	(1,595)	(7)	—	2,915
RMBS	11,740		1	—	(50)	(141)	—	11,550
CMBS	390		—	—	(240)	(142)	—	8
Total AFS fixed income securities	$	33,554	2,128	—	(2,992)	(1,229)	(36)	31,425

Quarter ended June 30, 2022	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	150	117	—	12	(14)	—	265
Obligations of states and political subdivisions	1,991		534	—	(1,166)	(153)	—	1,206
Corporate securities	23,066		8,323	—	5,732	(1,944)	(105)	35,072
CLO and other ABS	2,283		530	—	819	(9)	—	3,623
RMBS	10,029		173	—	507	(93)	—	10,616
CMBS	80		—	—	(62)	—	—	18
Total AFS fixed income securities	$	37,599	9,677	—	5,842	(2,213)	(105)	50,800

Six Months ended June 30, 2023	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	284	—	—	(250)	—	—	34
Obligations of states and political subdivisions	1,024		67	—	(239)	(83)	—	769
Corporate securities	30,330		4,141	—	(14,884)	(3,387)	(51)	16,149
CLO and other ABS	2,375		677	—	(127)	(10)	—	2,915
RMBS	11,597		8	—	174	(229)	—	11,550
CMBS	111		1	—	39	(143)	—	8
Total AFS fixed income securities	$	45,721	4,894	—	(15,287)	(3,852)	(51)	31,425

Six Months ended June 30, 2022	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	46	236	—	(3)	(14)	—	265
Obligations of states and political subdivisions	137		1,237	—	(4)	(164)	—	1,206
Corporate securities	6,682		28,243	—	4,542	(3,191)	(1,204)	35,072
CLO and other ABS	939		2,058	—	637	(11)	—	3,623
RMBS	1,909		174	8,318	443	(228)	—	10,616
CMBS	11		17	—	(10)	—	—	18
Total AFS fixed income securities	$	9,724	31,965	8,318	5,605	(3,608)	(1,204)	50,800

Schedule of Fair Value and Gross Pre-Tax Net Unrealized Loss of Securities by Length of Time, AFS

June 30, 2023	Less than 12 months			12 months or longer		Total
($ in thousands)	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
AFS fixed income securities:
U.S. government and government agencies	$	208,153	(2,831)	84,869	(18,112)	293,022	(20,943)
Foreign government	4,380		(247)	5,439	(1,071)	9,819	(1,318)
Obligations of states and political subdivisions	337,606		(5,554)	229,922	(31,990)	567,528	(37,544)
Corporate securities	1,101,756		(40,711)	895,497	(148,953)	1,997,253	(189,664)
CLO and other ABS	523,727		(17,268)	924,490	(88,689)	1,448,217	(105,957)
RMBS	792,885		(26,269)	538,073	(75,540)	1,330,958	(101,809)
CMBS	291,078		(12,882)	344,647	(42,162)	635,725	(55,044)
Total AFS fixed income securities	$	3,259,585	(105,762)	3,022,937	(406,517)	6,282,522	(512,279)

December 31, 2022	Less than 12 months			12 months or longer		Total
($ in thousands)	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
AFS fixed income securities:
U.S. government and government agencies	$	166,975	(13,658)	16,011	(6,668)	182,986	(20,326)
Foreign government	5,573		(608)	2,456	(699)	8,029	(1,307)
Obligations of states and political subdivisions	681,795		(43,767)	16,618	(4,234)	698,413	(48,001)
Corporate securities	1,889,492		(164,197)	133,223	(32,612)	2,022,715	(196,809)
CLO and other ABS	916,423		(69,155)	411,283	(52,565)	1,327,706	(121,720)
RMBS	887,229		(76,432)	108,041	(22,833)	995,270	(99,265)
CMBS	512,953		(37,815)	77,181	(11,945)	590,134	(49,760)
Total AFS fixed income securities	$	5,060,440	(405,632)	764,813	(131,556)	5,825,253	(537,188)

Schedule of Fixed Maturity Securities By Contractual Maturities

	AFS		HTM
($ in thousands)	Fair Value		Carrying Value	Fair Value
Due in one year or less	$	369,240	443	442
Due after one year through five years	3,056,529		13,942	13,233
Due after five years through 10 years	2,912,169		9,291	8,681
Due after 10 years	694,410		—	—
Total fixed income securities	$	7,032,348	23,676	22,356

Schedule of Other Investment Portfolio By Strategy And Remaining Commitment Amount and Maximum Exposure to Loss Associated With Each Strategy

	June 30, 2023				December 31, 2022
($ in thousands)	Carrying Value		Remaining Commitment	Maximum Exposure to Loss	Carrying Value	Remaining Commitment	Maximum Exposure to Loss
Alternative Investments
Private equity	$	298,219	124,213	422,432	280,980	134,676	415,656
Private credit	52,379		138,691	191,070	54,866	89,481	144,347
Real assets	38,575		19,553	58,128	35,470	21,945	57,415
Total alternative investments	$	389,173	282,457	671,630	371,316	246,102	617,418

Schedule of Aggregated Summarized Income Statement Financial Information For Partnerships In Our Alternative Investment Portfolio

Income Statement Information	Quarter ended June 30,			Six Months ended June 30,
($ in millions)	2023		2022	2023		2022
Net investment income (loss)	$	(70.6)	270.9	$	(141.3)	406.5
Realized gains	922.0		6,233.5	2,644.3		8,981.5
Net change in unrealized appreciation (depreciation)	3,754.0		(3,962.4)	5,197.8		1,215.9
Net income	$	4,605.4	2,542.0	$	7,700.8	10,603.9
Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income	$	11.4	9.3	$	19.2	28.4

Schedule of Securities Pledged As Collateral

($ in millions)	FHLBI Collateral		FHLBNY Collateral	State and Regulatory Deposits	Total
U.S. government and government agencies	$	—	—	19.4	19.4
Obligations of states and political subdivisions	—		—	3.5	3.5
RMBS	62.1		26.9	—	89.0
CMBS	2.9		8.7	—	11.6
Total pledged as collateral	$	65.0	35.6	22.9	123.5

Schedule of Pre-Tax Net Investment Income Earned

	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2023		2022	2023		2022
Fixed income securities	$	83,916	62,144	$	164,003	116,069
Commercial mortgage loans ("CMLs")	2,199		1,192	4,164		2,162
Equity securities	2,236		2,639	3,441		5,057
Short-term investments	2,892		407	7,542		508
Alternative investments	11,396		9,274	19,164		28,402
Other investments	188		(214)	231		(37)
Investment expenses	(5,131)		(5,220)	(9,343)		(9,337)
Net investment income earned	$	97,696	70,222	$	189,202	142,824

Schedule of realized and unrealized gains (losses) on securities

	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2023		2022	2023		2022
Gross gains on sales	$	1,156	14,552	$	4,940	16,749
Gross losses on sales	(11,952)		(19,345)	(24,882)		(32,905)
Net realized gains (losses) on disposals	(10,796)		(4,793)	(19,942)		(16,156)
Net unrealized gains (losses) on equity securities	4,925		(21,860)	8,173		(24,014)
Net credit loss benefit (expense) on fixed income securities, AFS	864		(15,519)	10,393		(37,571)
Net credit loss benefit (expense) on fixed income securities, HTM	—		(6)	—		8
Net credit loss (expense) on CMLs	(78)		—	(61)		—
Losses on securities for which we have the intent to sell	(341)		(702)	(645)		(5,499)
Net realized and unrealized investment gains (losses)	$	(5,426)	(42,880)	$	(2,082)	(83,232)

Unrealized Gain (Loss) on Equity Securities

	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2023		2022	2023		2022
Unrealized gains (losses) recognized in income on equity securities:
On securities remaining in our portfolio at end of period	$	2,784	(13,031)	$	2,685	(14,843)
On securities sold in period	2,141		(8,829)	5,488		(9,171)
Total unrealized gains (losses) recognized in income on equity securities	$	4,925	(21,860)	$	8,173	(24,014)

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Financial Liabilities

	June 30, 2023			December 31, 2022
($ in thousands)	Carrying Amount		Fair Value	Carrying Amount	Fair Value
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	49,924	52,312	49,921	51,705
6.70% Senior Notes	99,553		102,386	99,542	99,264
5.375% Senior Notes	294,472		275,149	294,424	258,459
3.03% borrowings from FHLBI	60,000		57,011	60,000	57,175
Subtotal long-term debt	503,949		486,858	503,887	466,603
Unamortized debt issuance costs	(2,814)			(2,929)
Finance lease obligations	2,487			3,718
Total long-term debt	$	503,622		504,676

Schedule of Quantitative Disclosures of Our Financial Assets That Were Measured At Fair Value

June 30, 2023			Fair Value Measurements Using
($ in thousands)	Assets  Measured at  Fair Value		Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1)	Significant Other  Observable Inputs  (Level 2)	Significant Unobservable  Inputs  (Level 3)
Description
Measured on a recurring basis:
AFS fixed income securities:
U.S. government and government agencies	$	293,022	145,044	147,978	—
Foreign government	9,819		—	9,819	—
Obligations of states and political subdivisions	658,028		—	651,312	6,716
Corporate securities	2,384,970		—	2,139,481	245,489
CLO and other ABS	1,634,269		—	1,432,343	201,926
RMBS	1,407,835		—	1,407,835	—
CMBS	644,405		—	644,028	377
Total AFS fixed income securities	7,032,348		145,044	6,432,796	454,508
Equity securities:
Common stock1	119,867		21,304	—	662
Preferred stock	1,773		1,773	—	—
Total equity securities	121,640		23,077	—	662
Short-term investments	319,456		315,574	3,882	—
Total assets measured at fair value	$	7,473,444	483,695	6,436,678	455,170

December 31, 2022			Fair Value Measurements Using
($ in thousands)	Assets  Measured at  Fair Value		Quoted Prices in  Active Markets for Identical Assets/Liabilities (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs  (Level 3)
Description
Measured on a recurring basis:
AFS fixed income securities:
U.S. government and government agencies	$	189,239	109,240	79,999	—
Foreign government	9,608		—	9,608	—
Obligations of states and political subdivisions	918,018		—	911,357	6,661
Corporate securities	2,335,025		—	2,147,045	187,980
CLO and other ABS	1,485,973		—	1,332,631	153,342
RMBS	1,059,832		—	1,059,832	—
CMBS	614,412		—	614,037	375
Total AFS fixed income securities	6,612,107		109,240	6,154,509	348,358
Equity securities:
Common stock1	160,355		55,846	—	897
Preferred stock	1,645		1,645	—	—
Total equity securities	162,000		57,491	—	897
Short-term investments	440,456		418,199	22,257	—
Total assets measured at fair value	$	7,214,563	584,930	6,176,766	349,255

1Investments amounting to $97.9 million at June 30, 2023, and $103.6 million at December 31, 2022, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are not redeemable and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value

Schedule of Summary of the Changes in Fair Value of Securities Using Level 3 Inputs

June 30, 2023
($ in thousands)	Obligations of States and Political Subdivisions		Corporate Securities	CLO and Other ABS	CMBS	Common Stock	Total
Fair value, December 31, 2022	$	6,661	187,980	153,342	375	897	349,255
Total net gains (losses) for the period included in:
Other comprehensive income (loss) ("OCI")	(7)		1,857	(1,168)	64	—	746
Net realized and unrealized gains (losses)	62		251	17	—	(235)	95
Net investment income earned	—		112	(20)	(263)	—	(171)
Purchases	—		58,586	39,713	—	—	98,299
Sales	—		—	—	—	—	—
Issuances	—		—	—	—	—	—
Settlements	—		(5,535)	(3,153)	(21)	—	(8,709)
Transfers into Level 3	—		2,238	14,148	2,848	—	19,234
Transfers out of Level 3	—		—	(953)	(2,626)	—	(3,579)
Fair value, June 30, 2023	$	6,716	245,489	201,926	377	662	455,170
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	62		251	17	—	(235)	95
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	(7)		1,846	(1,168)	64	—	735

June 30, 2022
($ in thousands)	Obligation of state and Political Subdivisions		Corporate Securities	CLO and Other ABS	RMBS	CMBS	Total
Fair value, December 31, 2021	$	7,745	114,127	124,909	245	4,256	251,282
Total net gains (losses) for the period included in:
OCI	(581)		(16,422)	(8,592)	(17)	(446)	(26,058)
Net realized and unrealized gains (losses)	(156)		(2,047)	(777)	—	(7)	(2,987)
Net investment income earned	—		14	68	—	47	129
Purchases	—		55,343	39,133	—	—	94,476
Sales	—		—	—	—	—	—
Issuances	—		—	—	—	—	—
Settlements	—		(3,903)	(6,479)	(11)	(12)	(10,405)
Transfers into Level 3	—		19,214	—	—	—	19,214
Transfers out of Level 3	—		(7,037)	(24,646)	(217)	(3,431)	(35,331)
Fair value, June 30, 2022	$	7,008	159,289	123,616	—	407	290,320
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	(156)		(2,047)	(777)	—	(7)	(2,987)
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	(581)		(16,424)	(8,551)	(17)	(446)	(26,019)

Fair Value Measurement Inputs and Valuation Techniques

June 30, 2023
($ in thousands)	Assets Measured at Fair Value		Valuation Techniques	Unobservable Inputs	Range	Weighted Average
Internal valuations:
Corporate securities	$	116,155	Discounted Cash Flow	Illiquidity Spread	(4.4)% - 5.3%	2.2%
CLO and other ABS	90,768		Discounted Cash Flow	Illiquidity Spread	0.01% - 19.6%	2.6%
Total internal valuations	206,923
Other1	248,247
Total Level 3 securities	$	455,170

December 31, 2022
($ in thousands)	Assets Measured at Fair Value		Valuation Techniques	Unobservable Inputs	Range	Weighted Average
Internal valuations:
Corporate securities	$	81,867	Discounted Cash Flow	Illiquidity Spread	(4.4)% - 5.3%	1.3%
CLO and other ABS	59,452		Discounted Cash Flow	Illiquidity Spread	0.01% - 19.6%	2.5%
Total internal valuations	141,319
Other1	207,936
Total Level 3 securities	$	349,255

1Other is comprised of broker quotes or other third-party pricing for which there is a lack of transparency into the inputs used to develop the valuations. The quantitative details of these unobservable inputs are neither provided to us, nor reasonably available to us, and therefore are not included in the tables above.

Schedule of Quantitative Information of Our Financial Assets and Liabilities That Were Disclosed at Fair Value

June 30, 2023			Fair Value Measurements Using
($ in thousands)	Assets/ Liabilities Disclosed at Fair Value		Quoted Prices in  Active Markets for  Identical Assets/ Liabilities (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial Assets
HTM:
Corporate securities	$	22,356	—	22,356	—
Total HTM fixed income securities	22,356		—	22,356	—
CMLs	$	163,068	—	—	163,068
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	52,312	—	52,312	—
6.70% Senior Notes	102,386		—	102,386	—
5.375% Senior Notes	275,149		—	275,149	—
3.03% borrowings from FHLBI	57,011		—	57,011	—
Total long-term debt	$	486,858	—	486,858	—

December 31, 2022			Fair Value Measurements Using
($ in thousands)	Assets/ Liabilities Disclosed at Fair Value		Quoted Prices in  Active Markets for  Identical Assets/ Liabilities (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial Assets
HTM:
Obligations of states and political subdivisions	$	3,405	—	3,405	—
Corporate securities	26,432		—	26,432	—
Total HTM fixed income securities	$	29,837	—	29,837	—
CMLs	$	139,243	—	—	139,243
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	51,705	—	51,705	—
6.70% Senior Notes	99,264		—	99,264	—
5.375% Senior Notes	258,459		—	258,459	—
3.03% borrowings from FHLBI	57,175		—	57,175	—
Total long-term debt	$	466,603	—	466,603	—

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Allowance for Credit Losses on Premiums Receivable (Tables)

6 Months Ended

Jun. 30, 2023

Premiums Receivable Disclosure [Abstract]

Allowance for Credit Losses on Premiums Receivable [Table Text Block]

	Quarter ended June 30,				Six Months ended June 30,
($ in thousands)	2023		2022		2023		2022
Balance at beginning of period	$	17,100	$	14,300	$	16,100	$	13,600
Current period change for expected credit losses	1,515		1,169		3,425		2,085
Write-offs charged against the allowance for credit losses	(1,047)		(918)		(2,211)		(1,438)
Recoveries	332		349		586		653
Allowance for credit losses, end of period	$	17,900	$	14,900	$	17,900	$	14,900

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Reinsurance (Tables)

6 Months Ended

Jun. 30, 2023

Reinsurance Disclosures [Abstract]

Reinsurance Recoverable, Credit Quality Indicator [Table Text Block]

	June 30, 2023
($ in thousands)	Current		Past Due		Total Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++	$	80,117	$	888	$	81,005
A+	347,802		5,367		353,169
A	117,592		5,316		122,908
A-	3,599		89		3,688
Total rated reinsurers	$	549,110	$	11,660	$	560,770
Non-rated reinsurers
Federal and state pools	$	80,629	$	—	$	80,629
Other than federal and state pools	6,717		475		7,192
Total non-rated reinsurers	$	87,346	$	475	$	87,821
Total reinsurance recoverable, gross	$	636,456	$	12,135	$	648,591
Less: allowance for credit losses					(1,800)
Total reinsurance recoverable, net					$	646,791

	December 31, 2022
($ in thousands)	Current		Past Due		Total Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++	$	46,282	$	1	$	46,283
A+	425,395		3,191		428,586
A	106,102		1,315		107,417
A-	7,148		89		7,237
Total rated reinsurers	$	584,927	$	4,596	$	589,523
Non-rated reinsurers
Federal and state pools	$	180,794	$	—	$	180,794
Other than federal and state pools	13,678		415		14,093
Total non-rated reinsurers	$	194,472	$	415	$	194,887
Total reinsurance recoverable, gross	$	779,399	$	5,011	$	784,410
Less: allowance for credit losses					(1,600)
Total reinsurance recoverable, net					$	782,810

Reinsurance Recoverable, Allowance for Credit Loss [Table Text Block]

($ in thousands)	Quarter ended June 30,			Six Months ended June 30,
	2023		2022	2023		2022
Balance at beginning of period	$	2,300	1,600	$	1,600	1,600
Current period change for expected credit losses	(500)		—	200		—
Write-offs charged against the allowance for credit losses	—		—	—		—
Recoveries	—		—	—		—
Allowance for credit losses, end of period	$	1,800	1,600	$	1,800	1,600

Schedule of List Of Direct, Assumed, And Ceded Reinsurance Amounts

	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2023		2022	2023		2022
Premiums written:
Direct	$	1,232,496	1,050,506	$	2,365,256	2,051,555
Assumed	5,577		8,552	10,971		13,866
Ceded	(153,166)		(128,317)	(291,552)		(244,882)
Net	$	1,084,907	930,741	$	2,084,675	1,820,539
Premiums earned:
Direct	$	1,073,498	955,651	$	2,105,726	1,887,027
Assumed	5,968		7,481	12,258		13,009
Ceded	(137,316)		(128,693)	(273,498)		(253,314)
Net	$	942,150	834,439	$	1,844,486	1,646,722
Loss and loss expenses incurred:
Direct	$	698,994	559,913	$	1,312,223	1,088,501
Assumed	5,678		5,125	10,933		9,403
Ceded	(58,542)		(40,170)	(109,588)		(78,800)
Net	$	646,130	524,868	$	1,213,568	1,019,104

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Reserve for Loss and Loss Expense (Tables)

6 Months Ended

Jun. 30, 2023

Insurance Loss Reserves [Abstract]

Schedule of Roll Forward of Reserve for Loss and Loss Expense

	Six Months ended June 30,
($ in thousands)	2023		2022
Gross reserve for loss and loss expense, at beginning of period	$	5,144,821	4,580,903
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period	757,513		578,641
Net reserve for loss and loss expense, at beginning of period	4,387,308		4,002,262
Incurred loss and loss expense for claims occurring in the:
Current year	1,221,635		1,041,778
Prior years	(8,067)		(22,674)
Total incurred loss and loss expense	1,213,568		1,019,104
Paid loss and loss expense for claims occurring in the:
Current year	320,026		272,401
Prior years	720,314		570,868
Total paid loss and loss expense	1,040,340		843,269
Net reserve for loss and loss expense, at end of period	4,560,536		4,178,097
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period	616,487		544,082
Gross reserve for loss and loss expense, at end of period	$	5,177,023	4,722,179

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Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of Revenue By Segment

Revenue by Segment	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2023		2022	2023		2022
Standard Commercial Lines:
Net premiums earned:
General liability	$	254,510	226,285	$	497,859	442,610
Commercial automobile	225,067		198,381	442,438		392,211
Commercial property	141,348		123,562	276,640		243,624
Workers compensation	88,746		83,502	172,930		168,182
Businessowners' policies	34,385		31,508	67,556		61,552
Bonds	11,619		10,682	23,016		21,042
Other	7,034		6,317	13,885		12,485
Miscellaneous income	5,568		2,596	7,749		3,697
Total Standard Commercial Lines revenue	768,277		682,833	1,502,073		1,345,403
Standard Personal Lines:
Net premiums earned:
Personal automobile	48,230		39,952	93,144		79,668
Homeowners	36,902		31,630	71,915		62,817
Other	2,038		1,756	3,981		3,495
Miscellaneous income	536		441	989		869
Total Standard Personal Lines revenue	87,706		73,779	170,029		146,849
E&S Lines:
Net premiums earned:
Casualty lines	62,151		56,041	122,968		110,665
Property lines	30,120		24,823	58,154		48,371
Total E&S Lines revenue	92,271		80,864	181,122		159,036
Investments:
Net investment income earned	97,696		70,222	189,202		142,824
Net realized and unrealized investment gains (losses)	(5,426)		(42,880)	(2,082)		(83,232)
Total Investments revenue	92,270		27,342	187,120		59,592
Total revenues	$	1,040,524	864,818	$	2,040,344	1,710,880

Schedule of Income Before and After Federal Income Tax

Income Before and After Federal Income Tax	Quarter ended June 30,				Six Months ended June 30,
($ in thousands)	2023			2022	2023		2022
Standard Commercial Lines:
Underwriting income (loss), before federal income tax	$	22,146		46,708	$	61,067	89,092
Underwriting income (loss), after federal income tax	17,495			36,899	48,243		70,383
Combined ratio	97.1		%	93.1	95.9		93.4
ROE contribution	2.8			6.0	4.1		5.5
Standard Personal Lines:
Underwriting income (loss), before federal income tax	$	(23,060)		(12,367)	$	(36,133)	(5,847)
Underwriting income (loss), after federal income tax	(18,217)			(9,770)	(28,545)		(4,619)
Combined ratio	126.5		%	116.9	121.4		104.0
ROE contribution	(2.9)			(1.6)	(2.4)		(0.4)
E&S Lines:
Underwriting income (loss), before federal income tax	$	(612)		3,372	$	12,723	10,297
Underwriting income (loss), after federal income tax	(483)			2,664	10,051		8,135
Combined ratio	100.7		%	95.8	93.0		93.5
ROE contribution	(0.1)			0.4	0.8		0.6
Investments:
Net investment income earned	$	97,696		70,222	$	189,202	142,824
Net realized and unrealized investment gains (losses)	(5,426)			(42,880)	(2,082)		(83,232)
Total investments segment income, before federal income tax	92,270			27,342	187,120		59,592
Tax on investments segment income	18,745			4,559	37,901		10,172
Total investments segment income, after federal income tax	$	73,525		22,783	$	149,219	49,420
ROE contribution of after-tax net investment income earned	12.6			9.1	12.5		8.9

Schedule of Reconciliation of Segment Results to Income Before Federal Income Tax

Reconciliation of Segment Results to Income Before Federal Income Tax	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2023		2022	2023		2022
Underwriting income
Standard Commercial Lines	$	22,146	46,708	$	61,067	89,092
Standard Personal Lines	(23,060)		(12,367)	(36,133)		(5,847)
E&S Lines	(612)		3,372	12,723		10,297
Investment income	92,270		27,342	187,120		59,592
Total all segments	90,744		65,055	224,777		153,134
Interest expense	(7,258)		(7,252)	(14,424)		(14,420)
Corporate expenses	(9,329)		(7,899)	(21,437)		(18,920)
Income, before federal income tax	$	74,157	49,904	$	188,916	119,794
Preferred stock dividends	(2,300)		(2,300)	(4,600)		(4,600)
Income available to common stockholders, before federal income tax	$	71,857	47,604	$	184,316	115,194

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Retirement Plans (Table)

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Benefit Cost

	Pension Plan
	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2023		2022	2023		2022
Net Periodic Pension Cost (Benefit):
Interest cost	$	3,866	2,486	$	7,732	4,972
Expected return on plan assets	(5,772)		(5,537)	(11,545)		(11,074)
Amortization of unrecognized net actuarial loss	750		367	1,501		733
Total net periodic pension cost (benefit)1	$	(1,156)	(2,684)	$	(2,312)	(5,369)

1The components of net periodic pension cost (benefit) are included within "Loss and loss expense incurred" and "Other insurance expenses" on the Consolidated Statements of Income.

Schedule of Weighted-Average Expense Assumptions

	Pension Plan
	Six Months ended June 30,
	2023		2022
Weighted-Average Expense Assumptions:
Discount rate	5.21	%	2.98	%
Effective interest rate for calculation of interest cost	5.09		2.48
Expected return on plan assets	6.90		5.00

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Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2023

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Schedule of Components of Comprehensive Income-Gross and Net of Tax

Second Quarter 2023
($ in thousands)	Gross		Tax	Net
Net income	$	74,157	15,549	58,608
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(60,681)		(12,744)	(47,937)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(6,030)		(1,266)	(4,764)
Amounts reclassified into net income:
Net realized (gains) losses on disposals and intent-to-sell AFS securities	9,383		1,970	7,413
Credit loss (benefit) expense	(864)		(181)	(683)
Total unrealized gains (losses) on investment securities	(58,192)		(12,221)	(45,971)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial (gain) loss	757		159	598
Total defined benefit pension and post-retirement plans	757		159	598
Other comprehensive income (loss)	(57,435)		(12,062)	(45,373)
Comprehensive income (loss)	$	16,722	3,487	13,235
Second Quarter 2022
($ in thousands)	Gross		Tax	Net
Net income	$	49,904	10,384	39,520
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(222,903)		(46,810)	(176,093)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(72,691)		(15,264)	(57,427)
Amounts reclassified into net income:
Net realized (gains) losses on disposals and intent-to-sell AFS securities	18,170		3,816	14,354
Credit loss (benefit) expense	15,519		3,258	12,261
Total unrealized gains (losses) on investment securities	(261,905)		(55,000)	(206,905)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial (gain) loss	417		87	330
Total defined benefit pension and post-retirement plans	417		87	330
Other comprehensive income (loss)	(261,488)		(54,913)	(206,575)
Comprehensive income (loss)	$	(211,584)	(44,529)	(167,055)

Six Months 2023
($ in thousands)	Gross		Tax	Net
Net income	$	188,916	37,734	151,182
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	5,244		1,102	4,142
Unrealized gains (losses) on securities with credit loss recognized in earnings	16,401		3,444	12,957
Amounts reclassified into net income:
Net realized (gains) losses on disposals and intent-to-sell AFS securities	15,487		3,252	12,235
Credit loss (benefit) expense	(10,393)		(2,183)	(8,210)
Total unrealized gains (losses) on investment securities	26,739		5,615	21,124
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial (gain) loss	1,514		318	1,196
Total defined benefit pension and post-retirement plans	1,514		318	1,196
Other comprehensive income (loss)	28,253		5,933	22,320
Comprehensive income (loss)	$	217,169	43,667	173,502
Six Months 2022
($ in thousands)	Gross		Tax	Net
Net income	$	119,794	23,944	95,850
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(484,735)		(101,794)	(382,941)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(159,312)		(33,455)	(125,857)
Amounts reclassified into net income:
HTM securities	1		—	1
Net realized (gains) losses on disposals and intent-to-sell AFS securities	34,161		7,174	26,987
Credit loss (benefit) expense	37,571		7,889	29,682
Total unrealized gains (losses) on investment securities	(572,314)		(120,186)	(452,128)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial (gain) loss	834		175	659
Total defined benefit pension and post-retirement plans	834		175	659
Other comprehensive income (loss)	(571,480)		(120,011)	(451,469)
Comprehensive income (loss)	$	(451,686)	(96,067)	(355,619)

Schedule of Components of Accumulated Other Comprehensive Income Net of Tax

June 30, 2023	Net Unrealized Gains (Losses) on Investment Securities				Defined Benefit Pension and Post-Retirement Plans	Total AOCI
($ in thousands)	Credit Loss Related1		All Other	Investments Subtotal
Balance, December 31, 2022	$	(121,838)	(295,197)	(417,035)	(81,007)	(498,042)
OCI before reclassifications	12,957		4,142	17,099	—	17,099
Amounts reclassified from AOCI	(8,210)		12,235	4,025	1,196	5,221
Net current period OCI	4,747		16,377	21,124	1,196	22,320
Balance, June 30, 2023	$	(117,091)	(278,820)	(395,911)	(79,811)	(475,722)

1Represents change in unrealized gains (losses) on securities with credit loss recognized in earnings.

Schedule of Reclassifications Out Of Accumulated Other Comprehensive Income

	Quarter ended June 30,			Six Months ended June 30,			Affected Line Item in the Unaudited Consolidated Statements of Income
($ in thousands)	2023		2022	2023		2022
HTM related
Unrealized (gains) losses on HTM disposals	$	—	—	$	—	—	Net realized and unrealized investment gains (losses)
Amortization of net unrealized losses (gains) on HTM securities	—		—	—		1	Net investment income earned
	—		—	—		1	Income before federal income tax
	—		—	—		—	Total federal income tax expense
	—		—	—		1	Net income
Net realized (gains) losses on disposals and intent-to-sell AFS securities
Net realized (gains) losses on disposals and intent-to-sell AFS securities	9,383		18,170	15,487		34,161	Net realized and unrealized investment gains (losses)
	9,383		18,170	15,487		34,161	Income before federal income tax
	(1,970)		(3,816)	(3,252)		(7,174)	Total federal income tax expense
	7,413		14,354	12,235		26,987	Net income
Credit loss related
Credit loss (benefit) expense	(864)		15,519	(10,393)		37,571	Net realized and unrealized investment gains (losses)
	(864)		15,519	(10,393)		37,571	Income before federal income tax
	181		(3,258)	2,183		(7,889)	Total federal income tax expense
	(683)		12,261	(8,210)		29,682	Net income
Defined benefit pension and post-retirement life plans
Net actuarial loss	173		84	348		180	Loss and loss expense incurred
	584		333	1,166		654	Other insurance expenses
Total defined benefit pension and post-retirement life	757		417	1,514		834	Income before federal income tax
	(159)		(87)	(318)		(175)	Total federal income tax expense
	598		330	1,196		659	Net income
Total reclassifications for the period	$	7,328	26,945	$	5,221	57,329	Net income

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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

	Quarter ended June 30,			Six Months ended June 30,
(in thousands, except per share amounts)	2023		2022	2023	2022
Net income available to common stockholders:	$	56,308	37,220	146,582	91,250
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic	60,614		60,440	60,575	60,412
Effect of dilutive securities - stock compensation plans	323		407	343	416
Weighted average common shares outstanding - diluted	60,937		60,847	60,918	60,828
EPS:
Basic	$	0.93	0.62	2.42	1.51
Diluted	0.92		0.61	2.41	1.50

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Statements of Cash Flows (Cash Flow Supplemental Disclosures) (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
Interest		$ 14,164	$ 14,240
Federal income tax		34,000	40,200
Operating cash flows from operating leases		4,038	4,086
Operating cash flows from financing leases		20	20
Financing cash flows from finance leases		1,231	1,202
Assets acquired under finance lease arrangements		0	41
Assets acquired under operating lease arrangements		4,509	5,781
Non-cash purchase of property and equipment		0	17
Available-for-sale Securities
Corporate actions related to securities	[1]	23,150	17,287
Equity Securities [Member]
Conversion of AFS fixed income securities to equity securities		$ 0	$ 1,463

[1] Examples of corporate actions include like-kind exchanges, non-cash acquisitions, and stock splits.

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Statements of Cash Flows (Schedule of Cash and Restricted Cash) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Schedule of Cash and Restricted Cash [Line Items]
Cash	$ 354	$ 26
Restricted cash	20,904	25,183
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows	$ 21,258	$ 25,209	$ 7,566	$ 45,063

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Investments (Available-For-Sale Securities Disclosure) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Fixed income securities, available-for-sale, amortized cost	$ 7,564,942		$ 7,185,754
Fixed Income Securities, Available-for-sale, Allowance for Credit Loss	(31,425)	$ (33,554)	(45,721)	$ (50,800)	$ (37,599)	$ (9,724)
Unrealized gains	11,110		9,262
Unrealized losses	(512,279)		(537,188)
Debt Securities, Available-for-sale, Fair Value	7,032,348		6,612,107
U.S. Government and Government Agencies [Member]
Debt Securities, Available-for-sale [Line Items]
Fixed income securities, available-for-sale, amortized cost	313,965		209,528
Fixed Income Securities, Available-for-sale, Allowance for Credit Loss	0		0
Unrealized gains	0		37
Unrealized losses	(20,943)		(20,326)
Debt Securities, Available-for-sale, Fair Value	293,022		189,239
Foreign Government [Member]
Debt Securities, Available-for-sale [Line Items]
Fixed income securities, available-for-sale, amortized cost	11,171		11,199
Fixed Income Securities, Available-for-sale, Allowance for Credit Loss	(34)	(36)	(284)	(265)	(150)	(46)
Unrealized gains	0		0
Unrealized losses	(1,318)		(1,307)
Debt Securities, Available-for-sale, Fair Value	9,819		9,608
Obligations of States and Political Subdivisions [Member]
Debt Securities, Available-for-sale [Line Items]
Fixed income securities, available-for-sale, amortized cost	694,734		965,231
Fixed Income Securities, Available-for-sale, Allowance for Credit Loss	(769)	(737)	(1,024)	(1,206)	(1,991)	(137)
Unrealized gains	1,607		1,812
Unrealized losses	(37,544)		(48,001)
Debt Securities, Available-for-sale, Fair Value	658,028		918,018
Corporate Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Fixed income securities, available-for-sale, amortized cost	2,585,819		2,558,655
Fixed Income Securities, Available-for-sale, Allowance for Credit Loss	(16,149)	(16,756)	(30,330)	(35,072)	(23,066)	(6,682)
Unrealized gains	4,964		3,509
Unrealized losses	(189,664)		(196,809)
Debt Securities, Available-for-sale, Fair Value	2,384,970		2,335,025
Collateralized Loan Obligations and Other Asset Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Fixed income securities, available-for-sale, amortized cost	1,739,788		1,607,660
Fixed Income Securities, Available-for-sale, Allowance for Credit Loss	(2,915)	(3,895)	(2,375)	(3,623)	(2,283)	(939)
Unrealized gains	3,353		2,408
Unrealized losses	(105,957)		(121,720)
Debt Securities, Available-for-sale, Fair Value	1,634,269		1,485,973
Residential Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Fixed income securities, available-for-sale, amortized cost	1,520,170		1,169,546
Fixed Income Securities, Available-for-sale, Allowance for Credit Loss	(11,550)	(11,740)	(11,597)	(10,616)	(10,029)	(1,909)
Unrealized gains	1,024		1,148
Unrealized losses	(101,809)		(99,265)
Debt Securities, Available-for-sale, Fair Value	1,407,835		1,059,832
Commercial Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Fixed income securities, available-for-sale, amortized cost	699,295		663,935
Fixed Income Securities, Available-for-sale, Allowance for Credit Loss	(8)	$ (390)	(111)	$ (18)	$ (80)	$ (11)
Unrealized gains	162		348
Unrealized losses	(55,044)		(49,760)
Debt Securities, Available-for-sale, Fair Value	$ 644,405		$ 614,412

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Investments (Available-for-sale allowance for credit losses roll forward) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance for Credit Losses, Period Beginning Balance	$ 33,554	$ 37,599	$ 45,721	$ 9,724
Current provision for securities without prior allowance	2,128	9,677	4,894	31,965
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	0	0	0	8,318
Increase (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities	(2,992)	5,842	(15,287)	5,605
Reductions for securities sold	(1,229)	(2,213)	(3,852)	(3,608)
Reductions for securities identified as intent (or requirement) to sell during the period	(36)	(105)	(51)	(1,204)
Allowance for Credit Losses, Period Ending Balance	31,425	50,800	31,425	50,800
Foreign Government [Member]
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance for Credit Losses, Period Beginning Balance	36	150	284	46
Current provision for securities without prior allowance	0	117	0	236
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	0	0	0	0
Increase (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities	(2)	12	(250)	(3)
Reductions for securities sold	0	(14)	0	(14)
Reductions for securities identified as intent (or requirement) to sell during the period	0	0	0	0
Allowance for Credit Losses, Period Ending Balance	34	265	34	265
Obligations of States and Political Subdivisions [Member]
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance for Credit Losses, Period Beginning Balance	737	1,991	1,024	137
Current provision for securities without prior allowance	67	534	67	1,237
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	0	0	0	0
Increase (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities	(35)	(1,166)	(239)	(4)
Reductions for securities sold	0	(153)	(83)	(164)
Reductions for securities identified as intent (or requirement) to sell during the period	0	0	0	0
Allowance for Credit Losses, Period Ending Balance	769	1,206	769	1,206
Corporate Securities [Member]
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance for Credit Losses, Period Beginning Balance	16,756	23,066	30,330	6,682
Current provision for securities without prior allowance	1,438	8,323	4,141	28,243
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	0	0	0	0
Increase (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities	(1,070)	5,732	(14,884)	4,542
Reductions for securities sold	(939)	(1,944)	(3,387)	(3,191)
Reductions for securities identified as intent (or requirement) to sell during the period	(36)	(105)	(51)	(1,204)
Allowance for Credit Losses, Period Ending Balance	16,149	35,072	16,149	35,072
Collateralized Loan Obligations and Other Asset Backed Securities [Member]
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance for Credit Losses, Period Beginning Balance	3,895	2,283	2,375	939
Current provision for securities without prior allowance	622	530	677	2,058
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	0	0	0	0
Increase (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities	(1,595)	819	(127)	637
Reductions for securities sold	(7)	(9)	(10)	(11)
Reductions for securities identified as intent (or requirement) to sell during the period	0	0	0	0
Allowance for Credit Losses, Period Ending Balance	2,915	3,623	2,915	3,623
Residential Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance for Credit Losses, Period Beginning Balance	11,740	10,029	11,597	1,909
Current provision for securities without prior allowance	1	173	8	174
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	0	0	0	8,318
Increase (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities	(50)	507	174	443
Reductions for securities sold	(141)	(93)	(229)	(228)
Reductions for securities identified as intent (or requirement) to sell during the period	0	0	0	0
Allowance for Credit Losses, Period Ending Balance	11,550	10,616	11,550	10,616
Commercial Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance for Credit Losses, Period Beginning Balance	390	80	111	11
Current provision for securities without prior allowance	0	0	1	17
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	0	0	0	0
Increase (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities	(240)	(62)	39	(10)
Reductions for securities sold	(142)	0	(143)	0
Reductions for securities identified as intent (or requirement) to sell during the period	0	0	0	0
Allowance for Credit Losses, Period Ending Balance	$ 8	$ 18	$ 8	$ 18

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Investments (Accrued Investment Income) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accrued Interest on Investments [Line Items]
Accrued investment income	$ 59,441	$ 59,167
Available-for-sale Securities [Member]
Accrued Interest on Investments [Line Items]
Accrued investment income	$ 58,100	$ 56,400

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Investments (Fair Value and Gross Pre-Tax Net Unrealized Loss of Securities By Length of Time) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
U.S. Government and Government Agencies [Member]
AFS Fair Value, Less than 12 Months	$ 208,153	$ 166,975
AFS Unrealized Losses, Less than 12 months	(2,831)	(13,658)
AFS Fair Value, 12 months or longer	84,869	16,011
AFS Unrealized Losses, 12 months or longer	(18,112)	(6,668)
AFS Fair Value	293,022	182,986
AFS Unrealized Losses	(20,943)	(20,326)
Foreign Government [Member]
AFS Fair Value, Less than 12 Months	4,380	5,573
AFS Unrealized Losses, Less than 12 months	(247)	(608)
AFS Fair Value, 12 months or longer	5,439	2,456
AFS Unrealized Losses, 12 months or longer	(1,071)	(699)
AFS Fair Value	9,819	8,029
AFS Unrealized Losses	(1,318)	(1,307)
Obligations of States and Political Subdivisions [Member]
AFS Fair Value, Less than 12 Months	337,606	681,795
AFS Unrealized Losses, Less than 12 months	(5,554)	(43,767)
AFS Fair Value, 12 months or longer	229,922	16,618
AFS Unrealized Losses, 12 months or longer	(31,990)	(4,234)
AFS Fair Value	567,528	698,413
AFS Unrealized Losses	(37,544)	(48,001)
Corporate Securities [Member]
AFS Fair Value, Less than 12 Months	1,101,756	1,889,492
AFS Unrealized Losses, Less than 12 months	(40,711)	(164,197)
AFS Fair Value, 12 months or longer	895,497	133,223
AFS Unrealized Losses, 12 months or longer	(148,953)	(32,612)
AFS Fair Value	1,997,253	2,022,715
AFS Unrealized Losses	(189,664)	(196,809)
Collateralized Loan Obligations and Other Asset Backed Securities [Member]
AFS Fair Value, Less than 12 Months	523,727	916,423
AFS Unrealized Losses, Less than 12 months	(17,268)	(69,155)
AFS Fair Value, 12 months or longer	924,490	411,283
AFS Unrealized Losses, 12 months or longer	(88,689)	(52,565)
AFS Fair Value	1,448,217	1,327,706
AFS Unrealized Losses	(105,957)	(121,720)
Residential Mortgage Backed Securities [Member]
AFS Fair Value, Less than 12 Months	792,885	887,229
AFS Unrealized Losses, Less than 12 months	(26,269)	(76,432)
AFS Fair Value, 12 months or longer	538,073	108,041
AFS Unrealized Losses, 12 months or longer	(75,540)	(22,833)
AFS Fair Value	1,330,958	995,270
AFS Unrealized Losses	(101,809)	(99,265)
Commercial Mortgage Backed Securities [Member]
AFS Fair Value, Less than 12 Months	291,078	512,953
AFS Unrealized Losses, Less than 12 months	(12,882)	(37,815)
AFS Fair Value, 12 months or longer	344,647	77,181
AFS Unrealized Losses, 12 months or longer	(42,162)	(11,945)
AFS Fair Value	635,725	590,134
AFS Unrealized Losses	(55,044)	(49,760)
Available-for-sale Securities [Member]
AFS Fair Value, Less than 12 Months	3,259,585	5,060,440
AFS Unrealized Losses, Less than 12 months	(105,762)	(405,632)
AFS Fair Value, 12 months or longer	3,022,937	764,813
AFS Unrealized Losses, 12 months or longer	(406,517)	(131,556)
AFS Fair Value	6,282,522	5,825,253
AFS Unrealized Losses	$ (512,279)	$ (537,188)

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Investments (Fixed Income Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of Fixed Income Securities [Line Items]
Due in one year or less fair value, AFS	$ 369,240
Due after one year through five years fair value, AFS	3,056,529
Due after five years through 10 years fair value, AFS	2,912,169
Due after 10 years fair value, AFS	694,410
Total AFS fixed income securities, Fair Value	7,032,348	$ 6,612,107
Due in one year or less carrying value, HTM	443
Due after one year through five years carrying value, HTM	13,942
Due after five years through 10 years carrying value, HTM	9,291
Due after 10 years carrying value, HTM	0
Fixed income securities, held-to-maturity, net of allowance for credit losses	23,676	31,157
Due in one year or less fair value, HTM	442
Due after one year through five years fair value, HTM	13,233
Due after five years through 10 years fair value, HTM	8,681
Due after 10 years fair value, HTM	0
Total HTM fixed income securities, Fair Value	$ 22,356	$ 29,837

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Investments (Alternative Investment Portfolio by Strategy and the Remaining Commitment Amount and Maximum Exposure to Loss Associated With Each Strategy) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Carrying Amount	$ 389,173	$ 371,316
Private Equity Funds [Member]
Carrying Amount	298,219	280,980
Remaining Commitment	124,213	134,676
Maximum Exposure to Loss	422,432	415,656
Private Credit Funds [Member]
Carrying Amount	52,379	54,866
Remaining Commitment	138,691	89,481
Maximum Exposure to Loss	191,070	144,347
Real Assets [Member]
Carrying Amount	38,575	35,470
Remaining Commitment	19,553	21,945
Maximum Exposure to Loss	58,128	57,415
Alternative Investments [Member]
Carrying Amount	389,173	371,316
Remaining Commitment	282,457	246,102
Maximum Exposure to Loss	$ 671,630	$ 617,418

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Investments (Aggregated Income Statement Summarized Financial Information for Partnerhips in our Alternative Investment Portfolio) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Equity Method Investments [Line Items]
Net investment income earned	$ 97,696	$ 70,222	$ 189,202	$ 142,824
Investments accounted for under the equity method [Member]
Schedule of Equity Method Investments [Line Items]
Net investment income (loss)	(70,600)	270,900	(141,300)	406,500
Realized gains	922,000	6,233,500	2,644,300	8,981,500
Net change in unrealized appreciation (depreciation)	3,754,000	(3,962,400)	5,197,800	1,215,900
Net income	4,605,400	2,542,000	7,700,800	10,603,900
Alternative Investments [Member]
Schedule of Equity Method Investments [Line Items]
Net investment income earned	$ 11,396	$ 9,274	$ 19,164	$ 28,402

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Investments (Investments Pledged as Collateral) (Details) $ in Millions	Jun. 30, 2023 USD ($)
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral on deposit with various state and regulatory agencies	$ 22.9
Securities owned and pledged as collateral, fair value	123.5
Federal Home Loan Bank of Indianapolis [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	65.0
Federal Home Loan Bank of New York [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	35.6
U.S. Government and Government Agencies [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral on deposit with various state and regulatory agencies	19.4
Securities owned and pledged as collateral, fair value	19.4
U.S. Government and Government Agencies [Member] | Federal Home Loan Bank of Indianapolis [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	0.0
U.S. Government and Government Agencies [Member] | Federal Home Loan Bank of New York [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	0.0
Obligations of States and Political Subdivisions [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral on deposit with various state and regulatory agencies	3.5
Securities owned and pledged as collateral, fair value	3.5
Obligations of States and Political Subdivisions [Member] | Federal Home Loan Bank of Indianapolis [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	0.0
Obligations of States and Political Subdivisions [Member] | Federal Home Loan Bank of New York [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	0.0
Residential Mortgage Backed Securities [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral on deposit with various state and regulatory agencies	0.0
Securities owned and pledged as collateral, fair value	89.0
Residential Mortgage Backed Securities [Member] | Federal Home Loan Bank of Indianapolis [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	62.1
Residential Mortgage Backed Securities [Member] | Federal Home Loan Bank of New York [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	26.9
Commercial Mortgage Backed Securities [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral on deposit with various state and regulatory agencies	0.0
Securities owned and pledged as collateral, fair value	11.6
Commercial Mortgage Backed Securities [Member] | Federal Home Loan Bank of Indianapolis [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	2.9
Commercial Mortgage Backed Securities [Member] | Federal Home Loan Bank of New York [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	$ 8.7

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Investments (Credit Concentration Risk) (Details)	Jun. 30, 2023	Dec. 31, 2022
Investments [Abstract]
Maximum exposure to credit concentration risk of a single issuer of the Company's stockholder's equity, other than to certain U.S. government-backed investments	10.00%	10.00%

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Investments (Net Investment Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net Investment Income [Line Items]
Net investment income earned	$ 97,696	$ 70,222	$ 189,202	$ 142,824
Fixed Income Securities [Member]
Net Investment Income [Line Items]
Net investment income earned	83,916	62,144	164,003	116,069
Commercial Mortgage Loans [Member]
Net Investment Income [Line Items]
Net investment income earned	2,199	1,192	4,164	2,162
Equity Securities [Member]
Net Investment Income [Line Items]
Net investment income earned	2,236	2,639	3,441	5,057
Short-Term Investments [Member]
Net Investment Income [Line Items]
Net investment income earned	2,892	407	7,542	508
Alternative Investments [Member]
Net Investment Income [Line Items]
Net investment income earned	11,396	9,274	19,164	28,402
Other Investments [Member]
Net Investment Income [Line Items]
Net investment income earned	188	(214)	231	(37)
Investment expenses [Member]
Net Investment Income [Line Items]
Net investment income earned	$ (5,131)	$ (5,220)	$ (9,343)	$ (9,337)

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Investments (Net Realized and Unrealized Investment Gains and (Losses)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Gain (Loss) on Securities [Line Items]
Gross gains on sales	$ 1,156	$ 14,552	$ 4,940	$ 16,749
Gross losses on sales	(11,952)	(19,345)	(24,882)	(32,905)
Net realized gains (losses) on disposals	(10,796)	(4,793)	(19,942)	(16,156)
Net unrealized gains (losses) on equity securities	4,925	(21,860)	8,173	(24,014)
Losses on securities for which we have the intent to sell	(341)	(702)	(645)	(5,499)
Net realized and unrealized investment gains (losses)	(5,426)	(42,880)	(2,082)	(83,232)
Available-for-sale Securities [Member]
Gain (Loss) on Securities [Line Items]
Net credit loss benefit (expense) on fixed income securities	864	(15,519)	10,393	(37,571)
Held-to-maturity Securities [Member]
Gain (Loss) on Securities [Line Items]
Net credit loss benefit (expense) on fixed income securities	0	(6)	0	8
Commercial Mortgage Loans [Member]
Gain (Loss) on Securities [Line Items]
Net credit loss benefit (expense) on fixed income securities	$ (78)	$ 0	$ (61)	$ 0

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Investments, Change in Realized and Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Gain (Loss) on Securities [Line Items]
Change in net realized and unrealized investment losses	$ 37,500	$ 81,200

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Investments (Realized and Unrealized Gains (Losses) on Equity Securities) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Gain (Loss) on Securities [Line Items]
Unrealized gains (losses) recognized in income on equity securities remaining in our portfolio at end of period	$ 2,784	$ (13,031)	$ 2,685	$ (14,843)
Unrealized gains (losses) recognized in income on equity securities sold in period	2,141	(8,829)	5,488	(9,171)
Total unrealized gains (losses) recognized in income on equity securities	$ 4,925	$ (21,860)	$ 8,173	$ (24,014)

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Fair Value Measurements (Carrying Values and Estimated Fair Values of Financial Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 503,622	$ 504,676
Long-term debt, fair value	486,858	466,603
Finance lease obligations	2,487	3,718
Seven Point Twenty Five Percent Senior Notes [Member] | Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	49,924	49,921
Seven Point Twenty Five Percent Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	52,312	51,705
Six Point Seventy Percent Senior Notes [Member] | Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	99,553	99,542
Six Point Seventy Percent Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	102,386	99,264
Five Point Three Hundred Seventy Five Senior Notes [Member] | Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	294,472	294,424
Five Point Three Hundred Seventy Five Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	275,149	258,459
Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member] | Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	60,000	60,000
Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	57,011	57,175
Long Term Debt Excluding Issuance Costs and Finance Lease Obligations [Member] | Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	503,949	503,887
Unamortized Debt Issuance Costs [Member] | Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	$ (2,814)	$ (2,929)

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Fair Value Measurements (Quantitative Disclosures of Fair Value Assets) (Details) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
AFS fixed income securities		$ 7,032,348	$ 6,612,107
Equity securities		121,640	162,000
Short-term investments		319,456	440,456
Investments measured at fair value using the net asset value per share	[1]	97,900	103,600
Fair Value, Recurring [Member]
AFS fixed income securities		7,032,348	6,612,107
Equity securities		121,640	162,000
Short-term investments		319,456	440,456
Total assets measured at fair value		7,473,444	7,214,563
US Government and Government Agencies [Member]
AFS fixed income securities		293,022	189,239
US Government and Government Agencies [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		293,022	189,239
Foreign Government [Member]
AFS fixed income securities		9,819	9,608
Foreign Government [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		9,819	9,608
Obligations of States and Political Subdivisions [Member]
AFS fixed income securities		658,028	918,018
Obligations of States and Political Subdivisions [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		658,028	918,018
Corporate Securities [Member]
AFS fixed income securities		2,384,970	2,335,025
Corporate Securities [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		2,384,970	2,335,025
Collateralized Loan Obligations and Other Asset Backed Securities [Member]
AFS fixed income securities		1,634,269	1,485,973
Collateralized Loan Obligations and Other Asset Backed Securities [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		1,634,269	1,485,973
Residential Mortgage Backed Securities [Member]
AFS fixed income securities		1,407,835	1,059,832
Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		1,407,835	1,059,832
Commercial Mortgage Backed Securities [Member]
AFS fixed income securities		644,405	614,412
Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		644,405	614,412
Common Stock [Member] | Fair Value, Recurring [Member]
Equity securities	[1]	119,867	160,355
Preferred Stock [Member] | Fair Value, Recurring [Member]
Equity securities		1,773	1,645
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		145,044	109,240
Equity securities		23,077	57,491
Short-term investments		315,574	418,199
Total assets measured at fair value		483,695	584,930
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | US Government and Government Agencies [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		145,044	109,240
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Foreign Government [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		0	0
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Obligations of States and Political Subdivisions [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		0	0
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Corporate Securities [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		0	0
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Collateralized Loan Obligations and Other Asset Backed Securities [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		0	0
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		0	0
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		0	0
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Common Stock [Member] | Fair Value, Recurring [Member]
Equity securities	[1]	21,304	55,846
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Preferred Stock [Member] | Fair Value, Recurring [Member]
Equity securities		1,773	1,645
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		6,432,796	6,154,509
Equity securities		0	0
Short-term investments		3,882	22,257
Total assets measured at fair value		6,436,678	6,176,766
Significant Other Observable Inputs (Level 2) [Member] | US Government and Government Agencies [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		147,978	79,999
Significant Other Observable Inputs (Level 2) [Member] | Foreign Government [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		9,819	9,608
Significant Other Observable Inputs (Level 2) [Member] | Obligations of States and Political Subdivisions [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		651,312	911,357
Significant Other Observable Inputs (Level 2) [Member] | Corporate Securities [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		2,139,481	2,147,045
Significant Other Observable Inputs (Level 2) [Member] | Collateralized Loan Obligations and Other Asset Backed Securities [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		1,432,343	1,332,631
Significant Other Observable Inputs (Level 2) [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		1,407,835	1,059,832
Significant Other Observable Inputs (Level 2) [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		644,028	614,037
Significant Other Observable Inputs (Level 2) [Member] | Common Stock [Member] | Fair Value, Recurring [Member]
Equity securities	[1]	0	0
Significant Other Observable Inputs (Level 2) [Member] | Preferred Stock [Member] | Fair Value, Recurring [Member]
Equity securities		0	0
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		454,508	348,358
Equity securities		662	897
Short-term investments		0	0
Total assets measured at fair value		455,170	349,255
Significant Unobservable Inputs (Level 3) [Member] | US Government and Government Agencies [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		0	0
Significant Unobservable Inputs (Level 3) [Member] | Foreign Government [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		0	0
Significant Unobservable Inputs (Level 3) [Member] | Obligations of States and Political Subdivisions [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		6,716	6,661
Significant Unobservable Inputs (Level 3) [Member] | Corporate Securities [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		245,489	187,980
Significant Unobservable Inputs (Level 3) [Member] | Collateralized Loan Obligations and Other Asset Backed Securities [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		201,926	153,342
Significant Unobservable Inputs (Level 3) [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		0	0
Significant Unobservable Inputs (Level 3) [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		377	375
Significant Unobservable Inputs (Level 3) [Member] | Common Stock [Member] | Fair Value, Recurring [Member]
Equity securities	[1]	662	897
Significant Unobservable Inputs (Level 3) [Member] | Preferred Stock [Member] | Fair Value, Recurring [Member]
Equity securities		$ 0	$ 0

[1] Investments amounting to $97.9 million at June 30, 2023, and $103.6 million at December 31, 2022, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are not redeemable and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value.

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Fair Value Measurements (Changes in Fair Value of Securities Using Level 3 Inputs) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Obligations of States and Political Subdivisions [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value, December 31	$ 6,661	$ 7,745
Total net gains (losses) for the period included in OCI	(7)	(581)
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value, June 30	6,716	7,008
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	62	(156)
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	(7)	(581)
Corporate Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value, December 31	187,980	114,127
Total net gains (losses) for the period included in OCI	1,857	(16,422)
Purchases	58,586	55,343
Sales	0	0
Issuances	0	0
Settlements	(5,535)	(3,903)
Transfers into Level 3	2,238	19,214
Transfers out of Level 3	0	(7,037)
Fair value, June 30	245,489	159,289
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	251	(2,047)
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	1,846	(16,424)
Collateralized Loan Obligations and Other Asset Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value, December 31	153,342	124,909
Total net gains (losses) for the period included in OCI	(1,168)	(8,592)
Purchases	39,713	39,133
Sales	0	0
Issuances	0	0
Settlements	(3,153)	(6,479)
Transfers into Level 3	14,148	0
Transfers out of Level 3	(953)	(24,646)
Fair value, June 30	201,926	123,616
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	17	(777)
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	(1,168)	(8,551)
Residential Mortgage Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value, December 31		245
Total net gains (losses) for the period included in OCI		(17)
Purchases		0
Sales		0
Issuances		0
Settlements		(11)
Transfers into Level 3		0
Transfers out of Level 3		(217)
Fair value, June 30		0
Change in unrealized gains (losses) for the period included in earnings for assets held at period end		0
Change in unrealized gains (losses) for the period included in OCI for assets held at period end		(17)
Commercial Mortgage Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value, December 31	375	4,256
Total net gains (losses) for the period included in OCI	64	(446)
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	(21)	(12)
Transfers into Level 3	2,848	0
Transfers out of Level 3	(2,626)	(3,431)
Fair value, June 30	377	407
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	0	(7)
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	64	(446)
Common Stock [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value, December 31	897
Total net gains (losses) for the period included in OCI	0
Purchases	0
Sales	0
Issuances	0
Settlements	0
Transfers into Level 3	0
Transfers out of Level 3	0
Fair value, June 30	662
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	(235)
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	0
Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value, December 31	349,255	251,282
Total net gains (losses) for the period included in OCI	746	(26,058)
Purchases	98,299	94,476
Sales	0	0
Issuances	0	0
Settlements	(8,709)	(10,405)
Transfers into Level 3	19,234	19,214
Transfers out of Level 3	(3,579)	(35,331)
Fair value, June 30	455,170	290,320
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	95	(2,987)
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	735	(26,019)
Gain (Loss) on Investments [Member] | Obligations of States and Political Subdivisions [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total net gains (losses) for the period included in net income	62	(156)
Gain (Loss) on Investments [Member] | Corporate Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total net gains (losses) for the period included in net income	251	(2,047)
Gain (Loss) on Investments [Member] | Collateralized Loan Obligations and Other Asset Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total net gains (losses) for the period included in net income	17	(777)
Gain (Loss) on Investments [Member] | Residential Mortgage Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total net gains (losses) for the period included in net income		0
Gain (Loss) on Investments [Member] | Commercial Mortgage Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total net gains (losses) for the period included in net income	0	(7)
Gain (Loss) on Investments [Member] | Common Stock [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total net gains (losses) for the period included in net income	(235)
Gain (Loss) on Investments [Member] | Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total net gains (losses) for the period included in net income	95	(2,987)
Net Investment Income Earned [Member] | Obligations of States and Political Subdivisions [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total net gains (losses) for the period included in net income	0	0
Net Investment Income Earned [Member] | Corporate Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total net gains (losses) for the period included in net income	112	14
Net Investment Income Earned [Member] | Collateralized Loan Obligations and Other Asset Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total net gains (losses) for the period included in net income	(20)	68
Net Investment Income Earned [Member] | Residential Mortgage Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total net gains (losses) for the period included in net income		0
Net Investment Income Earned [Member] | Commercial Mortgage Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total net gains (losses) for the period included in net income	(263)	47
Net Investment Income Earned [Member] | Common Stock [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total net gains (losses) for the period included in net income	0
Net Investment Income Earned [Member] | Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total net gains (losses) for the period included in net income	$ (171)	$ 129

XML

Fair Value (Quantitative information about significant unobservable inputs in the fair value measurement of level 3 assets) (Details) $ in Thousands		Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Corporate Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Level 3 Securities		$ 245,489	$ 187,980	$ 159,289	$ 114,127
Collateralized Loan Obligations and Other Asset Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Level 3 Securities		201,926	153,342	123,616	124,909
Valuation Technique, Discounted Cash Flow | Corporate Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value		116,155	81,867
Valuation Technique, Discounted Cash Flow | Collateralized Loan Obligations and Other Asset Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value		$ 90,768	$ 59,452
Valuation Technique, Discounted Cash Flow | Measurement Input, Credit Spread | Minimum | Corporate Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale, Measurement Input		(0.044)	(0.044)
Valuation Technique, Discounted Cash Flow | Measurement Input, Credit Spread | Minimum | Collateralized Loan Obligations and Other Asset Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale, Measurement Input		0.0001	0.0001
Valuation Technique, Discounted Cash Flow | Measurement Input, Credit Spread | Maximum | Corporate Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale, Measurement Input		0.053	0.053
Valuation Technique, Discounted Cash Flow | Measurement Input, Credit Spread | Maximum | Collateralized Loan Obligations and Other Asset Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale, Measurement Input		0.196	0.196
Valuation Technique, Discounted Cash Flow | Measurement Input, Credit Spread | Weighted Average | Corporate Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale, Measurement Input		0.022	0.013
Valuation Technique, Discounted Cash Flow | Measurement Input, Credit Spread | Weighted Average | Collateralized Loan Obligations and Other Asset Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale, Measurement Input		0.026	0.025
Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investment assets measured at fair value	[1]	$ 248,247	$ 207,936
Total Level 3 Securities		455,170	349,255	$ 290,320	$ 251,282
Investments [Member] | Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value		$ 206,923	$ 141,319

[1] Other is comprised of broker quotes or other third-party pricing for which there is a lack of transparency into the inputs used to develop the valuations. The quantitative details of these unobservable inputs are neither provided to us, nor reasonably available to us, and therefore are not included in the tables above.

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Fair Value Measurements (Quantitative Information of Our Financial Assets and Liabilities That Were Disclosed at Fair Value) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value	$ 22,356	$ 29,837
Commercial mortgage loans, fair value	163,068	139,243
Long-term debt, fair value	486,858	466,603
Obligations of States and Political Subdivisions [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value		3,405
Corporate Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value	22,356	26,432
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value	0	0
Commercial mortgage loans, fair value	0	0
Long-term debt, fair value	0	0
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Obligations of States and Political Subdivisions [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value		0
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Corporate Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value	0	0
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value	22,356	29,837
Commercial mortgage loans, fair value	0	0
Long-term debt, fair value	486,858	466,603
Significant Other Observable Inputs (Level 2) [Member] | Obligations of States and Political Subdivisions [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value		3,405
Significant Other Observable Inputs (Level 2) [Member] | Corporate Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value	22,356	26,432
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value	0	0
Commercial mortgage loans, fair value	163,068	139,243
Long-term debt, fair value	0	0
Significant Unobservable Inputs (Level 3) [Member] | Obligations of States and Political Subdivisions [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value		0
Significant Unobservable Inputs (Level 3) [Member] | Corporate Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value	0	0
Seven Point Twenty Five Percent Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	52,312	51,705
Seven Point Twenty Five Percent Senior Notes [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Seven Point Twenty Five Percent Senior Notes [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	52,312	51,705
Seven Point Twenty Five Percent Senior Notes [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Six Point Seventy Percent Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	102,386	99,264
Six Point Seventy Percent Senior Notes [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Six Point Seventy Percent Senior Notes [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	102,386	99,264
Six Point Seventy Percent Senior Notes [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Five Point Three Hundred Seventy Five Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	275,149	258,459
Five Point Three Hundred Seventy Five Senior Notes [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Five Point Three Hundred Seventy Five Senior Notes [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	275,149	258,459
Five Point Three Hundred Seventy Five Senior Notes [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	57,011	57,175
Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	57,011	57,175
Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Long-term Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 486,858	$ 466,603

XML

Allowance for Credit Losses on Premiums Receivable (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Allowance for Credit Losses on Premiums Receivable [Line Items]
Premium Receivable, Allowance for Credit Loss, Beginning Balance	$ 17,100	$ 14,300	$ 16,100	$ 13,600
Current period change for expected credit losses	1,515	1,169	3,425	2,085
Write-offs charged against the allowance for credit losses	(1,047)	(918)	(2,211)	(1,438)
Recoveries	332	349	586	653
Premium Receivable, Allowance for Credit Loss, Ending Balance	$ 17,900	$ 14,900	$ 17,900	$ 14,900

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Reinsurance Recoverable Credit Ratings (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance recoverable, gross	$ 648,591		$ 784,410
Reinsurance Recoverable, Allowance for Credit Loss	(1,800)	$ (2,300)	(1,600)	$ (1,600)	$ (1,600)	$ (1,600)
Reinsurance recoverable, net of allowance for credit losses	646,791		782,810
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments, Gross [Member] | Financial Asset, Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	12,135		5,011
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments, Gross [Member] | Financial Asset, Not Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	636,456		779,399
Total federal and state pools [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	80,629		180,794
Total federal and state pools [Member] | Financial Asset, Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	0		0
Total federal and state pools [Member] | Financial Asset, Not Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	80,629		180,794
Other than Federal And State Pools [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	7,192		14,093
Other than Federal And State Pools [Member] | Financial Asset, Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	475		415
Other than Federal And State Pools [Member] | Financial Asset, Not Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	6,717		13,678
Non Rated Reinsurer [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	87,821		194,887
Non Rated Reinsurer [Member] | Financial Asset, Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	475		415
Non Rated Reinsurer [Member] | Financial Asset, Not Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	87,346		194,472
AM Best, A++ Rating [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	81,005		46,283
AM Best, A++ Rating [Member] | Financial Asset, Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	888		1
AM Best, A++ Rating [Member] | Financial Asset, Not Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	80,117		46,282
AM Best, A+ Rating [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	353,169		428,586
AM Best, A+ Rating [Member] | Financial Asset, Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	5,367		3,191
AM Best, A+ Rating [Member] | Financial Asset, Not Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	347,802		425,395
AM Best, A Rating [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	122,908		107,417
AM Best, A Rating [Member] | Financial Asset, Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	5,316		1,315
AM Best, A Rating [Member] | Financial Asset, Not Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	117,592		106,102
AM Best, A- Rating [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	3,688		7,237
AM Best, A- Rating [Member] | Financial Asset, Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	89		89
AM Best, A- Rating [Member] | Financial Asset, Not Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	3,599		7,148
AM Best Rated Reinsurer [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	560,770		589,523
AM Best Rated Reinsurer [Member] | Financial Asset, Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	11,660		4,596
AM Best Rated Reinsurer [Member] | Financial Asset, Not Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	$ 549,110		$ 584,927

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Reinsurance NFIP (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
National Flood Insurance Program [Member]
Reinsurance NFIP [Line Items]
Percentage of unpaid NFIP Claims ceded to federal government	100.00%
Total federal and state pools [Member]
Reinsurance NFIP [Line Items]
Change in Reinsurance Recoverable, Gross	$ (100,200)

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Allowance for Credit Losses on Reinsurance Recoverable (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Reinsurance Recoverable, Allowance for Credit Loss [Line Items]
Allowance for credit losses, beginning balance	$ 2,300	$ 1,600	$ 1,600	$ 1,600
Current period change for expected credit losses	(500)	0	200	0
Write-offs charged against the allowance for credit losses	0	0	0	0
Recoveries	0	0	0	0
Allowance for credit losses, ending balance	$ 1,800	$ 1,600	$ 1,800	$ 1,600

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Reinsurance (List of Direct, Assumed, and Ceded Reinsurance Amounts) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Premiums earned:
Net	$ 942,150	$ 834,439	$ 1,844,486	$ 1,646,722
Loss and loss expenses incurred:
Net	646,130	524,868	1,213,568	1,019,104
Direct Assumed and Ceded Reinsurance Amounts [Member]
Premiums written:
Direct	1,232,496	1,050,506	2,365,256	2,051,555
Assumed	5,577	8,552	10,971	13,866
Ceded	(153,166)	(128,317)	(291,552)	(244,882)
Net	1,084,907	930,741	2,084,675	1,820,539
Premiums earned:
Direct	1,073,498	955,651	2,105,726	1,887,027
Assumed	5,968	7,481	12,258	13,009
Ceded	(137,316)	(128,693)	(273,498)	(253,314)
Net	942,150	834,439	1,844,486	1,646,722
Loss and loss expenses incurred:
Direct	698,994	559,913	1,312,223	1,088,501
Assumed	5,678	5,125	10,933	9,403
Ceded	(58,542)	(40,170)	(109,588)	(78,800)
Net	$ 646,130	$ 524,868	$ 1,213,568	$ 1,019,104

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Reserve for Loss and Loss Expense (Rollforward of Reserve for Loss and Loss Expense) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Liability for Claims and Claims Adjustment Expense [Line Items]
Gross reserve for loss and loss expense, at beginning of period	$ 5,144,821	$ 4,580,903
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period	757,513	578,641
Net reserve for loss and loss expense, at beginning of period	4,387,308	4,002,262
Incurred loss and loss expense for claims occurring in the current year	1,221,635	1,041,778
Prior year development	(8,067)	(22,674)
Total incurred loss and loss expense	1,213,568	1,019,104
Paid loss and loss expense for claims occurring in the current year	320,026	272,401
Paid loss and loss expense for claims occurring in the prior years	720,314	570,868
Total paid loss and loss expense	1,040,340	843,269
Net reserve for loss and loss expense, at end of period	4,560,536	4,178,097
Add: reinsurance recoverable on unpaid loss and loss expense, at end of period	616,487	544,082
Gross reserve for loss and loss expense, at end of period	$ 5,177,023	$ 4,722,179

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Reserve for Loss and Loss Expense (Reserve Loss Development) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year development	$ (8,067)	$ (22,674)
Change in Historical Claim Rate Experience [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year development	(8,100)	(22,700)
Change in Historical Claim Rate Experience [Member] | Casualty Insurance Product Line [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year development	(16,500)	(32,000)
Change in Historical Claim Rate Experience [Member] | Property Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year development	8,400	9,300
Change in Historical Claim Rate Experience [Member] | Workers' Compensation Insurance [Member] | Casualty Insurance Product Line [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year development	(17,500)	(20,000)
Change in Historical Claim Rate Experience [Member] | E&S Lines | Casualty Insurance Product Line [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year development	(5,000)
Change in Historical Claim Rate Experience [Member] | Personal Automobile [Member] | Casualty Insurance Product Line [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year development	$ 6,000
Change in Historical Claim Rate Experience [Member] | General Liability [Member] | Casualty Insurance Product Line [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year development		(5,000)
Change in Historical Claim Rate Experience [Member] | Surety Lines | Casualty Insurance Product Line [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year development		$ (7,000)

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Segment Information Narrative (Details)	6 Months Ended
	Jun. 30, 2023
Number of Operating Segments	4

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Segment Information (Revenue by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Net premiums earned	$ 942,150	$ 834,439	$ 1,844,486	$ 1,646,722
Other income	6,104	3,037	8,738	4,566
Net investment income earned	97,696	70,222	189,202	142,824
Net realized and unrealized investment gains (losses)	(5,426)	(42,880)	(2,082)	(83,232)
Total Investments revenue	92,270	27,342	187,120	59,592
Total revenues	1,040,524	864,818	2,040,344	1,710,880
Standard Commercial Lines
Segment Reporting Information [Line Items]
Total revenues	768,277	682,833	1,502,073	1,345,403
Standard Commercial Lines | General Liability [Member]
Segment Reporting Information [Line Items]
Net premiums earned	254,510	226,285	497,859	442,610
Standard Commercial Lines | Commercial Automobile [Member]
Segment Reporting Information [Line Items]
Net premiums earned	225,067	198,381	442,438	392,211
Standard Commercial Lines | Commercial Property [Member]
Segment Reporting Information [Line Items]
Net premiums earned	141,348	123,562	276,640	243,624
Standard Commercial Lines | Workers Compensation [Member]
Segment Reporting Information [Line Items]
Net premiums earned	88,746	83,502	172,930	168,182
Standard Commercial Lines | Business Owners Policies [Member]
Segment Reporting Information [Line Items]
Net premiums earned	34,385	31,508	67,556	61,552
Standard Commercial Lines | Bonds Segment [Member]
Segment Reporting Information [Line Items]
Net premiums earned	11,619	10,682	23,016	21,042
Standard Commercial Lines | Other Commercial [Member]
Segment Reporting Information [Line Items]
Net premiums earned	7,034	6,317	13,885	12,485
Standard Commercial Lines | Miscellaneous income
Segment Reporting Information [Line Items]
Other income	5,568	2,596	7,749	3,697
Standard Personal Lines
Segment Reporting Information [Line Items]
Total revenues	87,706	73,779	170,029	146,849
Standard Personal Lines | Personal Automobile [Member]
Segment Reporting Information [Line Items]
Net premiums earned	48,230	39,952	93,144	79,668
Standard Personal Lines | Homeowners [Member]
Segment Reporting Information [Line Items]
Net premiums earned	36,902	31,630	71,915	62,817
Standard Personal Lines | Other Personal [Member]
Segment Reporting Information [Line Items]
Net premiums earned	2,038	1,756	3,981	3,495
Standard Personal Lines | Miscellaneous income
Segment Reporting Information [Line Items]
Other income	536	441	989	869
E&S Lines
Segment Reporting Information [Line Items]
Total revenues	92,271	80,864	181,122	159,036
E&S Lines | Casualty Insurance Product Line [Member]
Segment Reporting Information [Line Items]
Net premiums earned	62,151	56,041	122,968	110,665
E&S Lines | Property Insurance [Member]
Segment Reporting Information [Line Items]
Net premiums earned	$ 30,120	$ 24,823	$ 58,154	$ 48,371

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Segment Information (Income Before and After Federal Income Tax) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Net investment income earned	$ 97,696	$ 70,222	$ 189,202	$ 142,824
Net realized and unrealized investment gains (losses)	(5,426)	(42,880)	(2,082)	(83,232)
Total investments segment income, before federal income tax	92,270	27,342	187,120	59,592
Tax on investments segment income	18,745	4,559	37,901	10,172
Total investments segment income, after federal income tax	73,525	22,783	149,219	49,420
Standard Commercial Lines
Segment Reporting Information [Line Items]
Underwriting income (loss), before federal income tax	22,146	46,708	61,067	89,092
Underwriting income (loss), after federal income tax	$ 17,495	$ 36,899	$ 48,243	$ 70,383
Combined ratio	97.10%	93.10%	95.90%	93.40%
ROE contribution	2.80%	6.00%	4.10%	5.50%
Standard Personal Lines
Segment Reporting Information [Line Items]
Underwriting income (loss), before federal income tax	$ (23,060)	$ (12,367)	$ (36,133)	$ (5,847)
Underwriting income (loss), after federal income tax	$ (18,217)	$ (9,770)	$ (28,545)	$ (4,619)
Combined ratio	126.50%	116.90%	121.40%	104.00%
ROE contribution	(2.90%)	(1.60%)	(2.40%)	(0.40%)
E&S Lines
Segment Reporting Information [Line Items]
Underwriting income (loss), before federal income tax	$ (612)	$ 3,372	$ 12,723	$ 10,297
Underwriting income (loss), after federal income tax	$ (483)	$ 2,664	$ 10,051	$ 8,135
Combined ratio	100.70%	95.80%	93.00%	93.50%
ROE contribution	(0.10%)	0.40%	0.80%	0.60%
Investments
Segment Reporting Information [Line Items]
ROE contribution	12.60%	9.10%	12.50%	8.90%

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Segment Information (Reconciliation of Segment Results to Income Before Federal Income Tax (Details)) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Investment income	$ 92,270	$ 27,342	$ 187,120	$ 59,592
Interest expense	(7,258)	(7,252)	(14,424)	(14,420)
Corporate expenses	(9,329)	(7,899)	(21,437)	(18,920)
Income before federal income tax	74,157	49,904	188,916	119,794
Preferred stock dividends	(2,300)	(2,300)	(4,600)	(4,600)
Income available to common stockholders, before federal income tax	71,857	47,604	184,316	115,194
Standard Commercial Lines
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Underwriting income (loss), before federal income tax	22,146	46,708	61,067	89,092
Standard Personal Lines
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Underwriting income (loss), before federal income tax	(23,060)	(12,367)	(36,133)	(5,847)
E&S Lines
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Underwriting income (loss), before federal income tax	(612)	3,372	12,723	10,297
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Underwriting income (loss), total all segments	$ 90,744	$ 65,055	$ 224,777	$ 153,134

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Retirement Plans (Components of Net Periodic Benefit Cost) (Details) - Pension Plan [Member] - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Interest cost		$ 3,866	$ 2,486	$ 7,732	$ 4,972
Expected return on plan assets		(5,772)	(5,537)	(11,545)	(11,074)
Amortization of unrecognized net actuarial loss		750	367	1,501	733
Total net periodic pension cost (benefit)	[1]	$ (1,156)	$ (2,684)	$ (2,312)	$ (5,369)

[1] The components of net periodic pension cost (benefit) are included within "Loss and loss expense incurred" and "Other insurance expenses" on the Consolidated Statements of Income.

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Retirement Plans (Weighted-Average Expense Assumptions) (Details) - Pension Plan [Member]	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Discount rate	5.21%	2.98%
Effective interest rate for calculation of interest cost	5.09%	2.48%
Expected return on plan assets	6.90%	5.00%

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Comprehensive Income (Components of Comprehensive Income-Gross and Net of Tax) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net income, Gross	$ 74,157	$ 49,904	$ 188,916	$ 119,794
Unrealized holding gains (losses) during the period, Gross	(60,681)	(222,903)	5,244	(484,735)
Unrealized gains (losses) on securities with credit loss recognized in earnings, Gross	(6,030)	(72,691)	16,401	(159,312)
Amounts reclassified into net income: HTM securities, Gross				1
Amounts reclassified into net income: net realized (gains) losses on disposals and intent-to-sell AFS securities, Gross	9,383	18,170	15,487	34,161
Amounts reclassified into net income: Credit loss (benefit) expense, Gross	(864)	15,519	(10,393)	37,571
Total unrealized gains (losses) on investment securities, Gross	(58,192)	(261,905)	26,739	(572,314)
Amount reclassified into net income: Net actuarial (gain) loss, Gross	757	417	1,514	834
Total defined benefit pension and post-retirement plans, Gross	757	417	1,514	834
Other comprehensive income (loss), Gross	(57,435)	(261,488)	28,253	(571,480)
Comprehensive income (loss), Gross	16,722	(211,584)	217,169	(451,686)
Net income, Tax	15,549	10,384	37,734	23,944
Unrealized holding gains (losses) during the period, Tax	(12,744)	(46,810)	1,102	(101,794)
Unrealized gains (losses) on securities with credit loss recognized in earnings, Tax	(1,266)	(15,264)	3,444	(33,455)
Amounts reclassified into net income: HTM securities, Tax				0
Amounts reclassified into net income: net realized (gains) losses on disposals and intent-to-sell AFS securities, Tax	1,970	3,816	3,252	7,174
Amounts reclassified into net income: Credit loss (benefit) expense, Tax	(181)	3,258	(2,183)	7,889
Total unrealized gains (losses) on investment securities, Tax	(12,221)	(55,000)	5,615	(120,186)
Amount reclassified into net income: Net actuarial (gain) loss, Tax	159	87	318	175
Total defined benefit pension and post-retirement plans, Tax	159	87	318	175
Other comprehensive income (loss), Tax	(12,062)	(54,913)	5,933	(120,011)
Comprehensive income (loss), Tax	3,487	(44,529)	43,667	(96,067)
Net income	58,608	39,520	151,182	95,850
Unrealized holding gains (losses) during the period, Net	(47,937)	(176,093)	4,142	(382,941)
Unrealized gains (losses) on securities with credit loss recognized in earnings, Net	(4,764)	(57,427)	12,957	(125,857)
Amounts reclassified into net income: HTM securities, Net	0	0	0	1
Amounts reclassified into net income: net realized (gains) losses on disposals and intent-to-sell AFS securities, Net	7,413	14,354	12,235	26,987
Amounts reclassified into net income: Credit loss (benefit) expense, Net	(683)	12,261	(8,210)	29,682
Total unrealized gains (losses) on investment securities	(45,971)	(206,905)	21,124	(452,128)
Amount reclassified into net income: Net actuarial (gain) loss, Net	598	330	1,196	659
Total defined benefit pension and post-retirement plans, Net	598	330	1,196	659
Other comprehensive income (loss)	(45,373)	(206,575)	22,320	(451,469)
Comprehensive income (loss)	$ 13,235	$ (167,055)	$ 173,502	$ (355,619)

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Comprehensive Income (Components of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, December 31, 2022				$ (498,042)
Net current period OCI		$ (45,373)	$ (206,575)	22,320	$ (451,469)
Ending Balance, June 30, 2023		(475,722)		(475,722)
Available-for-sale Securities [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, December 31, 2022				(295,197)
OCI before reclassifications				4,142
Amounts reclassified from AOCI				12,235
Net current period OCI				16,377
Ending Balance, June 30, 2023		(278,820)		(278,820)
Investments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, December 31, 2022				(417,035)
OCI before reclassifications				17,099
Amounts reclassified from AOCI				4,025
Net current period OCI				21,124
Ending Balance, June 30, 2023		(395,911)		(395,911)
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, December 31, 2022	[1]			(121,838)
OCI before reclassifications	[1]			12,957
Amounts reclassified from AOCI	[1]			(8,210)
Net current period OCI	[1]			4,747
Ending Balance, June 30, 2023	[1]	(117,091)		(117,091)
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, December 31, 2022				(81,007)
OCI before reclassifications				0
Amounts reclassified from AOCI				1,196
Net current period OCI				1,196
Ending Balance, June 30, 2023		(79,811)		(79,811)
Accumulated other comprehensive income (loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, December 31, 2022				(498,042)
OCI before reclassifications				17,099
Amounts reclassified from AOCI				5,221
Net current period OCI		(45,373)	$ (206,575)	22,320	$ (451,469)
Ending Balance, June 30, 2023		$ (475,722)		$ (475,722)

[1] 1Represents change in unrealized gains (losses) on securities with credit loss recognized in earnings.

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Comprehensive Income (Reclassification out of AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net realized and unrealized investment gains (losses)	$ (5,426)	$ (42,880)	$ (2,082)	$ (83,232)
Net investment income earned	97,696	70,222	189,202	142,824
Loss and loss expense incurred	646,130	524,868	1,213,568	1,019,104
Other insurance expenses	108,857	101,514	217,445	195,504
Income before federal income tax	74,157	49,904	188,916	119,794
Total federal income tax expense	(15,549)	(10,384)	(37,734)	(23,944)
Net income (loss)	58,608	39,520	151,182	95,850
Reclassification out of AOCI
Net income (loss)	7,328	26,945	5,221	57,329
Pension Plan [Member] | Reclassification out of AOCI
Loss and loss expense incurred	173	84	348	180
Other insurance expenses	584	333	1,166	654
Income before federal income tax	757	417	1,514	834
Total federal income tax expense	(159)	(87)	(318)	(175)
Net income (loss)	598	330	1,196	659
Held-to-maturity Securities [Member] | Reclassification out of AOCI
Net realized and unrealized investment gains (losses)	0	0	0	0
Net investment income earned	0	0	0	1
Income before federal income tax	0	0	0	1
Total federal income tax expense	0	0	0	0
Net income (loss)	0	0	0	1
Available for sale securities, excluding credit losses [Member] | Reclassification out of AOCI
Net realized and unrealized investment gains (losses)	9,383	18,170	15,487	34,161
Income before federal income tax	9,383	18,170	15,487	34,161
Total federal income tax expense	(1,970)	(3,816)	(3,252)	(7,174)
Net income (loss)	7,413	14,354	12,235	26,987
Available for sale securities, including credit losses | Reclassification out of AOCI
Net realized and unrealized investment gains (losses)	(864)	15,519	(10,393)	37,571
Income before federal income tax	(864)	15,519	(10,393)	37,571
Total federal income tax expense	181	(3,258)	2,183	(7,889)
Net income (loss)	$ (683)	$ 12,261	$ (8,210)	$ 29,682

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Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]
Net income available to common stockholders	$ 56,308	$ 37,220	$ 146,582	$ 91,250
Weighted average common shares outstanding - basic	60,614	60,440	60,575	60,412
Effect of dilutive securities - stock compensation plans	323	407	343	416
Weighted average common shares outstanding, diluted	60,937	60,847	60,918	60,828
Earnings per common share - net income available to common stockholders - Basic	$ 0.93	$ 0.62	$ 2.42	$ 1.51
Earnings per common share - net income available to common stockholders - Diluted	$ 0.92	$ 0.61	$ 2.41	$ 1.50